Method, System, and Computer Program Product for Providing Installment Payment Options for a Payment Transaction

ABSTRACT

Provided is a method for providing installment payment options for a payment transaction. The method may include communicating, to a customer device, installment payment data associated with a plurality of installment payment options. A first authorization request for a payment transaction with a customer may be received from a merchant system. The first authorization request may include at least one field including first installment payment data associated with a first installment payment option. A first lender system associated with the first installment payment option may be determined. A second authorization request, which may include the first installment payment data, may be communicated to the first lender system. An authorization response may be received from the first lender system indicating approval of the first installment payment option for the payment transaction. The authorization response may be communicated to the merchant system. A system and computer program product are also disclosed.

CROSS-REFERENCE TO RELATED APPLICATION

The present application claims the benefit of U.S. Provisional PatentApplication No. 62/725,553 filed Aug. 31, 2018, the disclosure of whichis hereby incorporated by reference in its entirety.

BACKGROUND 1. Field

This disclosed subject matter relates generally to methods, systems, andproducts for providing installment payment options and, in someparticular embodiments, to a method, system, and computer programproduct for providing installment payment options for a paymenttransaction using a consumer device.

2. Technical Considerations

Certain consumer accounts (e.g., credit accounts, credit card accounts,and/or the like) allow a consumer to complete a transaction (e.g.,purchase goods and/or services) and pay for the transaction later. Forexample, issuers of such consumer accounts may determine a balance owedfor all such transactions during a time period (e.g., a month) andthereafter allow the consumer to pay at least a portion of the balanceby a due date at the end of a time period for payment. Issuers of suchaccounts may then charge interest (e.g., a percentage) for any remainingbalance after the due date. Alternatively, rather than charge interestbased on the balance of such a consumer account, the issuer thereof mayprovide an option for the consumer to make installment payments, wherebythe consumer makes payments of a specific amount per time period for agiven number of time periods, at the end of which the balance (or aspecific portion thereof) will be considered paid off. Alternatively,the merchant may provide an option to the consumer to pay off thepayment transaction by installment payments to the merchant.

However, in accepting the option for installment payments from theissuer, the consumer may be disadvantaged because the consumer may onlyselect from installment payment options (e.g., rates, time periods forrepayment, and/or the like) from one lender (i.e., the issuer), whichmay have installment payment options that are less favorable (e.g.,higher rates, shorter or different periods of time, and/or the like)than the market (e.g., other lenders willing to make consumer loans forinstallment payments). Additionally, the consumer will need to havesufficient funds available in the consumer account (e.g., availablecredit) to complete the transaction, and at least a portion of the fundsavailable in the consumer account may be made unavailable (e.g., a holdon a portion of the available credit) while the installment payments arebeing made. Similarly, in accepting the option for installment paymentsfrom the merchant, the consumer may be disadvantaged because theconsumer may only select from installment payment options from onelender (i.e., the merchant), which may have installment payment optionsthat are less favorable than the market. Additionally, providing suchinstallment payment options may be burdensome on the merchant. Forexample, the merchant may have to modify its systems (e.g.,point-of-sale (POS) devices, back office systems, and/or the like) todisplay the option to consumers, determine the amounts and time periodsfor the installment payments, handle reception and processing of theinstallment payments (e.g., directly from consumers, through a pluralityof issuers of different consumers, and/or the like), handle the loanrisk, and/or the like.

SUMMARY

Accordingly, it is an object of the presently disclosed subject matterto provide methods, systems, and computer program products for providinginstallment payment options for a payment transaction.

According to non-limiting embodiments, provided is a method forproviding installment payment options for a payment transaction. In somenon-limiting embodiments, a method for providing installment paymentoptions for a payment transaction may include communicating, to acustomer device, installment payment data associated with a plurality ofinstallment payment options. A first authorization request for a paymenttransaction with a customer of the customer device may be received froma merchant system. The first authorization request may include at leastone field comprising first installment payment data associated with afirst installment payment option of the plurality of installment paymentoptions. A first lender system associated with the first installmentpayment option may be determined based on the first installment paymentdata. A second authorization request may be communicated to the firstlender system. The second authorization request may include the firstinstallment payment data. A first authorization response may bereceiving from the first lender system. The first authorization responsemay indicate approval of the first installment payment option for thepayment transaction. A second authorization response indicating approvalof the payment transaction may be communicated to the merchant system.

In some non-limiting embodiments, before communicating the installmentpayment data, account identifier data associated with an accountidentifier of the customer may be received from a mobile paymentapplication on the customer device. Additionally or alternatively, apayment token associated with the account identifier may be generated.Additionally or alternatively, the payment token may be communicated tothe mobile payment application of the customer device.

In some non-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating the paymenttoken to the merchant system.

In some non-limiting embodiments, after communicating the installmentpayment data, a first message may be received from the customer device.The first message may include an indication of the first installmentpayment option of the plurality of installment payment options, customerdata associated with personal information of the customer, and potentialpurchase data associated with a potential purchase of the customer.Additionally or alternatively, the first lender system associated withthe first installment payment option may be determined based on theindication of the first installment payment option. Additionally oralternatively, a second message may be communicated to the first lendersystem. The second message may include the indication of the firstinstallment payment option, the customer data, and the potentialpurchase data. Additionally or alternatively, a third message may bereceived from the first lender system. The third message may indicateapproval of the first installment payment option for the paymenttransaction. Additionally or alternatively, a fourth messagecommunicated to the customer device. The fourth message may indicateapproval of the first installment payment option for the paymenttransaction. Additionally or alternatively, the fourth message mayinclude the first installment payment data associated with the firstinstallment payment option. Additionally or alternatively, the customerdevice may store the first installment payment data.

In some non-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating to themerchant system the first installment payment data and at least one ofaccount identifier data associated with an account identifier of thecustomer or a payment token associated with the account identifier ofthe customer. Additionally or alternatively, the first authorizationrequest may further include the at least one of the account identifierdata or the payment token. In some non-limiting embodiments, the atleast one of the account identifier data or the payment token from thefirst authorization request may be validated. Additionally oralternatively, the first installment payment data may be extracted fromthe at least one field of the first authorization request. The firstinstallment payment data may be validated based on a comparison of thefirst installment payment data of the authorization request and thefirst installment payment data of the fourth message.

In some non-limiting embodiments, the first authorization request mayinclude the payment token. Additionally or alternatively, the paymenttoken may be converted into the account identifier data.

In some non-limiting embodiments, the payment transaction may be settledbetween the first lender system and an acquirer system associated withthe merchant system. Additionally or alternatively, periodic paymentsmay be settled between an issuer system associated with a customeraccount of the customer and the first lender system.

In some non-limiting embodiments, a transaction amount of the paymenttransaction may be transferred from the first lender system to an issuersystem associated with a customer account of the customer. Additionallyor alternatively, a third authorization request for the paymenttransaction may be communicated to the issuer system. Additionally oralternatively, a third authorization response indicating approval of thepayment transaction may be received from the issuer system beforecommunicating the second authorization response. In some non-limitingembodiments, periodic payments may be settled between the issuer systemand the first lender system.

In some non-limiting embodiments, the customer device may include amobile payment application. Additionally or alternatively, the mobilepayment application may include a payment token associated with thefirst installment payment option. In some non-limiting embodiments, theat least one field of the authorization request may include an accountidentifier field comprising a payment token. Additionally oralternatively, the payment token may include a bank identificationnumber (BIN) associated with the first lender system associated with thefirst installment payment option. Additionally or alternatively, thefirst lender system associated with the first installment payment optionmay be determined based on the BIN of the payment token. In somenon-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating the paymenttoken to the merchant system.

In some non-limiting embodiments, the payment transaction may be settledbetween the first lender system and an acquirer system associated withthe merchant system. In some non-limiting embodiments, the first lendersystem may include an issuer system associated with a customer accountof the customer. Additionally or alternatively, the issuer system maypost periodic payments to the customer account of the customer based onthe first installment payment option.

In some non-limiting embodiments, wherein the customer device mayinclude a mobile payment application. Additionally or alternatively, thecustomer device may receive, via the mobile payment application, aselection of the first installment payment option of the plurality ofinstallment payment options. Additionally or alternatively, anindication of the selection of the first installment payment option ofthe plurality of installment payment options may be received from thecustomer device. Additionally or alternatively, account identifier dataassociated with an account identifier of the customer may be receivedfrom the customer device. Additionally or alternatively, the firstinstallment payment option may be approved. Additionally oralternatively, a payment token may be communicated to the mobile paymentapplication of the customer device.

In some non-limiting embodiments, after receiving the firstauthorization request and before determining the first lender system,the first installment payment data associated with the first installmentpayment option may be communicated to a plurality of lender systems.Additionally or alternatively, bid data associated with a bid for thefirst installment payment option may be received from at least onelender system of the plurality of lender systems. In some non-limitingembodiments, the first lender system may be selected from the at leastone lender system of the plurality of lender systems based on the biddata.

In some non-limiting embodiments, the first installment payment data maybe communicated to at least one merchant lender system of the pluralityof lender systems. Additionally or alternatively, if bid data is notreceived from the at least one merchant lender system, the firstinstallment payment data may be communicated to at least one issuerlender system of the plurality of lender systems. Additionally oralternatively, if bid data is not received from the at least one issuerlender system, the first installment payment data may be communicated toat least one third party lender system of the plurality of lendersystems.

In some non-limiting embodiments, in response to communicating the firstinstallment payment data, the at least one lender system approves thefirst installment payment option for the customer.

According to non-limiting embodiments, provided is a system forproviding installment payment options for a payment transaction. In somenon-limiting embodiments, the system for providing installment paymentoptions for a payment transaction may include at least one processor andat least one non-transitory computer readable medium comprisinginstructions to direct the at least one processor to communicateinstallment payment data associated with a plurality of installmentpayment options to a customer device. A first authorization request fora payment transaction with a customer of the customer device may bereceived from a merchant system. The first authorization request mayinclude at least one field comprising first installment payment dataassociated with a first installment payment option of the plurality ofinstallment payment options. A first lender system associated with thefirst installment payment option may be determined based on the firstinstallment payment data. A second authorization request including thefirst installment payment data may be communicated to the first lendersystem. A first authorization response indicating approval of the firstinstallment payment option for the payment transaction may be receivedfrom the first lender system. A second authorization response indicatingapproval of the payment transaction may be communicated to the merchantsystem.

In some non-limiting embodiments, before communicating the installmentpayment data, account identifier data associated with an accountidentifier of the customer may be received from a mobile paymentapplication on the customer device. Additionally or alternatively, apayment token associated with the account identifier may be generated.Additionally or alternatively, the payment token may be communicated tothe mobile payment application of the customer device.

In some non-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating the paymenttoken to the merchant system.

In some non-limiting embodiments, after communicating the installmentpayment data, a first message may be received from the customer device.The first message may include an indication of the first installmentpayment option of the plurality of installment payment options, customerdata associated with personal information of the customer, and potentialpurchase data associated with a potential purchase of the customer.Additionally or alternatively, the first lender system associated withthe first installment payment option may be determined based on theindication of the first installment payment option. Additionally oralternatively, a second message may be communicated to the first lendersystem. The second message may include the indication of the firstinstallment payment option, the customer data, and the potentialpurchase data. Additionally or alternatively, a third message may bereceived from the first lender system. The third message may indicateapproval of the first installment payment option for the paymenttransaction. Additionally or alternatively, a fourth message may becommunicated to the customer device. The fourth message may indicateapproval of the first installment payment option for the paymenttransaction. Additionally or alternatively, the fourth message mayinclude the first installment payment data associated with the firstinstallment payment option. Additionally or alternatively, the customerdevice may store the first installment payment data.

In some non-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating to themerchant system the first installment payment data and at least one ofaccount identifier data associated with an account identifier of thecustomer or a payment token associated with the account identifier ofthe customer. Additionally or alternatively, the first authorizationrequest may further include the at least one of the account identifierdata or the payment token. In some non-limiting embodiments, the atleast one of the account identifier data or the payment token from thefirst authorization request may be validated. Additionally oralternatively, the first installment payment data may be extracted fromthe at least one field of the first authorization request. The firstinstallment payment data may be validated based on a comparison of thefirst installment payment data of the authorization request and thefirst installment payment data of the fourth message.

In some non-limiting embodiments, the first authorization request mayinclude the payment token. Additionally or alternatively, the paymenttoken may be converted into the account identifier data.

In some non-limiting embodiments, the payment transaction may be settledbetween the first lender system and an acquirer system associated withthe merchant system. Additionally or alternatively, periodic paymentsmay be settled between an issuer system associated with a customeraccount of the customer and the first lender system.

In some non-limiting embodiments, a transaction amount of the paymenttransaction may be transferred from the first lender system to an issuersystem associated with a customer account of the customer. Additionallyor alternatively, a third authorization request for the paymenttransaction may be communicated to the issuer system. Additionally oralternatively, a third authorization response indicating approval of thepayment transaction may be received from the issuer system beforecommunicating the second authorization response. In some non-limitingembodiments, periodic payments may be settled between the issuer systemand the first lender system.

In some non-limiting embodiments, the customer device may include amobile payment application. Additionally or alternatively, the mobilepayment application may include a payment token associated with thefirst installment payment option. In some non-limiting embodiments, theat least one field of the authorization request may include an accountidentifier field comprising a payment token. Additionally oralternatively, the payment token may include a bank identificationnumber (BIN) associated with the first lender system associated with thefirst installment payment option. Additionally or alternatively, thefirst lender system associated with the first installment payment optionmay be determined based on the BIN of the payment token. In somenon-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating the paymenttoken to the merchant system.

In some non-limiting embodiments, the payment transaction may be settledbetween the first lender system and an acquirer system associated withthe merchant system. In some non-limiting embodiments, the first lendersystem may include an issuer system associated with a customer accountof the customer. Additionally or alternatively, the issuer system maypost periodic payments to the customer account of the customer based onthe first installment payment option.

In some non-limiting embodiments, wherein the customer device mayinclude a mobile payment application. Additionally or alternatively, thecustomer device may receive, via the mobile payment application, aselection of the first installment payment option of the plurality ofinstallment payment options. Additionally or alternatively, anindication of the selection of the first installment payment option ofthe plurality of installment payment options may be received from thecustomer device. Additionally or alternatively, account identifier dataassociated with an account identifier of the customer may be receivedfrom the customer device. Additionally or alternatively, the firstinstallment payment option may be approved. Additionally oralternatively, a payment token may be communicated to the mobile paymentapplication of the customer device.

In some non-limiting embodiments, after receiving the firstauthorization request and before determining the first lender system,the first installment payment data associated with the first installmentpayment option may be communicated to a plurality of lender systems.Additionally or alternatively, bid data associated with a bid for thefirst installment payment option may be received from at least onelender system of the plurality of lender systems. In some non-limitingembodiments, the first lender system may be selected from the at leastone lender system of the plurality of lender systems based on the biddata.

In some non-limiting embodiments, the first installment payment data maybe communicated to at least one merchant lender system of the pluralityof lender systems. Additionally or alternatively, if bid data is notreceived from the at least one merchant lender system, the firstinstallment payment data may be communicated to at least one issuerlender system of the plurality of lender systems. Additionally oralternatively, if bid data is not received from the at least one issuerlender system, the first installment payment data may be communicated toat least one third party lender system of the plurality of lendersystems.

In some non-limiting embodiments, in response to communicating the firstinstallment payment data, the at least one lender system approves thefirst installment payment option for the customer.

According to non-limiting embodiments, provided is a computer programproduct for providing installment payment options for a paymenttransaction. The computer program product may include at least onenon-transitory computer-readable medium including one or moreinstructions that, when executed by at least one processor, cause the atleast one processor to communicate installment payment data associatedwith a plurality of installment payment options to a customer device. Afirst authorization request for a payment transaction with a customer ofthe customer device may be received from a merchant system. The firstauthorization request may include at least one field comprising firstinstallment payment data associated with a first installment paymentoption of the plurality of installment payment options. A first lendersystem associated with the first installment payment option may bedetermined based on the first installment payment data. A secondauthorization request including the first installment payment data maybe communicated to the first lender system. A first authorizationresponse indicating approval of the first installment payment option forthe payment transaction may be received from the first lender system. Asecond authorization response indicating approval of the paymenttransaction may be communicated to the merchant system.

In some non-limiting embodiments, before communicating the installmentpayment data, account identifier data associated with an accountidentifier of the customer may be received from a mobile paymentapplication on the customer device. Additionally or alternatively, apayment token associated with the account identifier may be generated.Additionally or alternatively, the payment token may be communicated tothe mobile payment application of the customer device.

In some non-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating the paymenttoken to the merchant system.

In some non-limiting embodiments, after communicating the installmentpayment data, a first message may be received from the customer device.The first message may include an indication of the first installmentpayment option of the plurality of installment payment options, customerdata associated with personal information of the customer, and potentialpurchase data associated with a potential purchase of the customer.Additionally or alternatively, the first lender system associated withthe first installment payment option may be determined based on theindication of the first installment payment option. Additionally oralternatively, a second message may be communicated to the first lendersystem. The second message may include the indication of the firstinstallment payment option, the customer data, and the potentialpurchase data. Additionally or alternatively, a third message may bereceived from the first lender system. The third message may indicateapproval of the first installment payment option for the paymenttransaction. Additionally or alternatively, a fourth message may becommunicated to the customer device. The fourth message may indicateapproval of the first installment payment option for the paymenttransaction. Additionally or alternatively, the fourth message mayinclude the first installment payment data associated with the firstinstallment payment option. Additionally or alternatively, the customerdevice may store the first installment payment data.

In some non-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating to themerchant system the first installment payment data and at least one ofaccount identifier data associated with an account identifier of thecustomer or a payment token associated with the account identifier ofthe customer. Additionally or alternatively, the first authorizationrequest may further include the at least one of the account identifierdata or the payment token. In some non-limiting embodiments, the atleast one of the account identifier data or the payment token from thefirst authorization request may be validated. Additionally oralternatively, the first installment payment data may be extracted fromthe at least one field of the first authorization request. The firstinstallment payment data may be validated based on a comparison of thefirst installment payment data of the authorization request and thefirst installment payment data of the fourth message.

In some non-limiting embodiments, the first authorization request mayinclude the payment token. Additionally or alternatively, the paymenttoken may be converted into the account identifier data.

In some non-limiting embodiments, the payment transaction may be settledbetween the first lender system and an acquirer system associated withthe merchant system. Additionally or alternatively, periodic paymentsmay be settled between an issuer system associated with a customeraccount of the customer and the first lender system.

In some non-limiting embodiments, a transaction amount of the paymenttransaction may be transferred from the first lender system to an issuersystem associated with a customer account of the customer. Additionallyor alternatively, a third authorization request for the paymenttransaction may be communicated to the issuer system. Additionally oralternatively, a third authorization response indicating approval of thepayment transaction may be received from the issuer system beforecommunicating the second authorization response. In some non-limitingembodiments, periodic payments may be settled between the issuer systemand the first lender system.

In some non-limiting embodiments, the customer device may include amobile payment application. Additionally or alternatively, the mobilepayment application may include a payment token associated with thefirst installment payment option. In some non-limiting embodiments, theat least one field of the authorization request may include an accountidentifier field comprising a payment token. Additionally oralternatively, the payment token may include a bank identificationnumber (BIN) associated with the first lender system associated with thefirst installment payment option. Additionally or alternatively, thefirst lender system associated with the first installment payment optionmay be determined based on the BIN of the payment token. In somenon-limiting embodiments, the first authorization request may bereceived in response to the customer device communicating the paymenttoken to the merchant system.

In some non-limiting embodiments, the payment transaction may be settledbetween the first lender system and an acquirer system associated withthe merchant system. In some non-limiting embodiments, the first lendersystem may include an issuer system associated with a customer accountof the customer. Additionally or alternatively, the issuer system maypost periodic payments to the customer account of the customer based onthe first installment payment option.

In some non-limiting embodiments, wherein the customer device mayinclude a mobile payment application. Additionally or alternatively, thecustomer device may receive, via the mobile payment application, aselection of the first installment payment option of the plurality ofinstallment payment options. Additionally or alternatively, anindication of the selection of the first installment payment option ofthe plurality of installment payment options may be received from thecustomer device. Additionally or alternatively, account identifier dataassociated with an account identifier of the customer may be receivedfrom the customer device. Additionally or alternatively, the firstinstallment payment option may be approved. Additionally oralternatively, a payment token may be communicated to the mobile paymentapplication of the customer device.

In some non-limiting embodiments, after receiving the firstauthorization request and before determining the first lender system,the first installment payment data associated with the first installmentpayment option may be communicated to a plurality of lender systems.Additionally or alternatively, bid data associated with a bid for thefirst installment payment option may be received from at least onelender system of the plurality of lender systems. In some non-limitingembodiments, the first lender system may be selected from the at leastone lender system of the plurality of lender systems based on the biddata.

In some non-limiting embodiments, the first installment payment data maybe communicated to at least one merchant lender system of the pluralityof lender systems. Additionally or alternatively, if bid data is notreceived from the at least one merchant lender system, the firstinstallment payment data may be communicated to at least one issuerlender system of the plurality of lender systems. Additionally oralternatively, if bid data is not received from the at least one issuerlender system, the first installment payment data may be communicated toat least one third party lender system of the plurality of lendersystems.

In some non-limiting embodiments, in response to communicating the firstinstallment payment data, the at least one lender system approves thefirst installment payment option for the customer.

Further embodiments are set forth in the following numbered clauses:

Clause 1: A method for providing installment payment options for apayment transaction, comprising communicating, with at least oneprocessor to a customer device, installment payment data associated witha plurality of installment payment options; receiving, with at least oneprocessor from a merchant system, a first authorization request for apayment transaction with a customer of the customer device, the firstauthorization request comprising at least one field comprising firstinstallment payment data associated with a first installment paymentoption of the plurality of installment payment options; determining,with at least one processor, a first lender system associated with thefirst installment payment option based on the first installment paymentdata; communicating, with at least one processor to the first lendersystem, a second authorization request comprising the first installmentpayment data; receiving, with at least one processor from the firstlender system, a first authorization response indicating approval of thefirst installment payment option for the payment transaction; andcommunicating, with at least one processor to the merchant system, asecond authorization response indicating approval of the paymenttransaction.

Clause 2: The method of clause 1, further comprising, beforecommunicating the installment payment data, receiving, with at least oneprocessor from a mobile payment application on the customer device,account identifier data associated with an account identifier of thecustomer; generating, with at least one processor, a payment tokenassociated with the account identifier; and communicating, with at leastone processor, the payment token to the mobile payment application ofthe customer device.

Clause 3: The method of clauses 1 or 2, wherein receiving the firstauthorization request is in response to the customer devicecommunicating the payment token to the merchant system.

Clause 4: The method of any preceding clause, further comprising, aftercommunicating the installment payment data, receiving, with at least oneprocessor from the customer device, a first message comprising anindication of the first installment payment option of the plurality ofinstallment payment options, customer data associated with personalinformation of the customer, and potential purchase data associated witha potential purchase of the customer, determining, with at least oneprocessor, the first lender system associated with the first installmentpayment option based on the indication of the first installment paymentoption, communicating, with at least one processor to the first lendersystem, a second message comprising the indication of the firstinstallment payment option, the customer data, and the potentialpurchase data, receiving, with at least one processor from the firstlender system, a third message indicating approval of the firstinstallment payment option for the payment transaction, communicating,with at least one processor to the customer device, a fourth messageindicating approval of the first installment payment option for thepayment transaction, the fourth message comprising the first installmentpayment data associated with the first installment payment option,wherein the customer device stores the first installment payment data.

Clause 5: The method of any preceding clause, wherein receiving thefirst authorization request is in response to the customer devicecommunicating to the merchant system the first installment payment dataand at least one of account identifier data associated with an accountidentifier of the customer or a payment token associated with theaccount identifier of the customer.

Clause 6: The method of any preceding clause, wherein the firstauthorization request further comprises the at least one of the accountidentifier data or the payment token, the method further comprisingvalidating, with at least one processor, the at least one of the accountidentifier data or the payment token from the first authorizationrequest; extracting, with at least one processor, the first installmentpayment data from the at least one field of the first authorizationrequest; and validating, with at least one processor, the firstinstallment payment data based on a comparison of the first installmentpayment data of the authorization request and the first installmentpayment data of the fourth message.

Clause 7: The method of any preceding clause, wherein the firstauthorization request comprises the payment token, the method furthercomprising converting, with at least one processor, the payment tokeninto the account identifier data.

Clause 8: The method of any preceding clause, further comprisingsettling, with at least one processor, the payment transaction betweenthe first lender system and an acquirer system associated with themerchant system; and settling, with at least one processor, periodicpayments between an issuer system associated with a customer account ofthe customer and the first lender system.

Clause 9: The method of any preceding clause, transferring, with atleast one processor, a transaction amount of the payment transactionfrom the first lender system to an issuer system associated with acustomer account of the customer; communicating, with at least oneprocessor to the issuer system, a third authorization request for thepayment transaction; before communicating the second authorizationresponse, receiving, with at least one processor from the issuer system,a third authorization response indicating approval of the paymenttransaction.

Clause 10: The method of any preceding clause, further comprisingsettling, with at least one processor, periodic payments between theissuer system and the first lender system.

Clause 11: The method of any preceding clause, wherein the customerdevice comprises a mobile payment application, and wherein the mobilepayment application comprises a payment token associated with the firstinstallment payment option.

Clause 12: The method of any preceding clause, wherein the at least onefield comprises an account identifier field comprising a payment token,the payment token comprising a bank identification number (BIN)associated with the first lender system associated with the firstinstallment payment option, and wherein determining the first lendersystem associated with the first installment payment option comprisesdetermining the first lender system associated with the firstinstallment payment option based on the BIN of the payment token.

Clause 13: The method of any preceding clause, wherein receiving thefirst authorization request is in response to the customer devicecommunicating the payment token to the merchant system.

Clause 14: The method of any preceding clause, further comprisingsettling, with at least one processor, the payment transaction betweenthe first lender system and an acquirer system associated with themerchant system.

Clause 15: The method of any preceding clause, wherein the first lendersystem comprises an issuer system associated with a customer account ofthe customer; and wherein issuer system posts periodic payments to thecustomer account of the customer based on the first installment paymentoption.

Clause 16: The method of any preceding clause, wherein the customerdevice comprises a mobile payment application, and wherein the customerdevice receives, via the mobile payment application, a selection of thefirst installment payment option of the plurality of installment paymentoptions, the method further comprising receiving, with at least oneprocessor from the customer device, an indication of the selection ofthe first installment payment option of the plurality of installmentpayment options; receiving, with the at least one processor from thecustomer device, account identifier data associated with an accountidentifier of the customer; approving, with the at least one processor,the first installment payment option; and communicating, with the atleast one processor to the mobile payment application of the customerdevice, a payment token.

Clause 17: The method of any preceding clause, further comprising, afterreceiving the first authorization request and before determining thefirst lender system, communicating, with the at least one processor, thefirst installment payment data associated with the first installmentpayment option to a plurality of lender systems; and receiving, with theat least one processor, bid data associated with a bid for the firstinstallment payment option from at least one lender system of theplurality of lender systems.

Clause 18: The method of any preceding clause, wherein determining thefirst lender system comprises selecting the first lender system from theat least one lender system of the plurality of lender systems based onthe bid data.

Clause 19: The method of any preceding clause, wherein communicating thefirst installment payment data comprises communicating, with the atleast one processor, the first installment payment data to at least onemerchant lender system of the plurality of lender systems; if bid datais not received from the at least one merchant lender system,communicating, with the at least one processor, the first installmentpayment data to at least one issuer lender system of the plurality oflender systems; and if bid data is not received from the at least oneissuer lender system, communicating, with the at least one processor,the first installment payment data to at least one third party lendersystem of the plurality of lender systems.

Clause 20: The method of any preceding clause, wherein, in response tocommunicating the first installment payment data, the at least onelender system approves the first installment payment option for thecustomer.

Clause 21: A system for providing installment payment options for apayment transaction, comprising: at least one processor; and at leastone non-transitory computer readable medium comprising instructions todirect the at least one processor to: communicate installment paymentdata associated with a plurality of installment payment options to acustomer device; receive, from a merchant system, a first authorizationrequest for a payment transaction with a customer of the customerdevice, the first authorization request comprising at least one fieldcomprising first installment payment data associated with a firstinstallment payment option of the plurality of installment paymentoptions; determine a first lender system associated with the firstinstallment payment option based on the first installment payment data;communicate a second authorization request comprising the firstinstallment payment data to the first lender system; receive, from thefirst lender system, a first authorization response indicating approvalof the first installment payment option for the payment transaction; andcommunicate a second authorization response indicating approval of thepayment transaction to the merchant system.

Clause 22: The system of clause 21, wherein the instructions furtherdirect the at least one processor to, before communicating theinstallment payment data: receive, from a mobile payment application onthe customer device, account identifier data associated with an accountidentifier of the customer; generate a payment token associated with theaccount identifier; and communicate the payment token to the mobilepayment application of the customer device.

Clause 23: The system of clauses 21 or 22, wherein receiving the firstauthorization request is in response to the customer devicecommunicating the payment token to the merchant system.

Clause 24: The system of any one of clauses 21-23, wherein theinstructions further direct the at least one processor to, aftercommunicating the installment payment data: receive, from the customerdevice, a first message comprising an indication of the firstinstallment payment option of the plurality of installment paymentoptions, customer data associated with personal information of thecustomer, and potential purchase data associated with a potentialpurchase of the customer; determine the first lender system associatedwith the first installment payment option based on the indication of thefirst installment payment option; communicate a second messagecomprising the indication of the first installment payment option, thecustomer data, and the potential purchase data to the first lendersystem; receive, from the first lender system, a third messageindicating approval of the first installment payment option for thepayment transaction; and communicate a fourth message indicatingapproval of the first installment payment option for the paymenttransaction to the customer device, the fourth message comprising thefirst installment payment data associated with the first installmentpayment option, wherein the customer device stores the first installmentpayment data.

Clause 25: The system of any one of clauses 21-24, wherein receiving thefirst authorization request is in response to the customer devicecommunicating to the merchant system the first installment payment dataand at least one of account identifier data associated with an accountidentifier of the customer or a payment token associated with theaccount identifier of the customer.

Clause 26: The system of any one of clauses 21-25, wherein the firstauthorization request further comprises the at least one of the accountidentifier data or the payment token, and wherein the instructionsfurther direct the at least one processor to: validate the at least oneof the account identifier data or the payment token from the firstauthorization request; extract the first installment payment data fromthe at least one field of the first authorization request; and validatethe first installment payment data based on a comparison of the firstinstallment payment data of the authorization request and the firstinstallment payment data of the fourth message.

Clause 27: The system of any one of clauses 21-26, wherein the firstauthorization request comprises the payment token, and wherein theinstructions further direct the at least one processor to convert thepayment token into the account identifier data.

Clause 28: The system of any one of clauses 21-27, wherein theinstructions further direct the at least one processor to: settle thepayment transaction between the first lender system and an acquirersystem associated with the merchant system; and settle periodic paymentsbetween an issuer system associated with a customer account of thecustomer and the first lender system.

Clause 29: The system of any one of clauses 21-28, wherein theinstructions further direct the at least one processor to: transfer atransaction amount of the payment transaction from the first lendersystem to an issuer system associated with a customer account of thecustomer; communicate a third authorization request for the paymenttransaction to the issuer system; and before communicating the secondauthorization response, receive, from the issuer system, a thirdauthorization response indicating approval of the payment transaction.

Clause 30: The system of any one of clauses 21-29, wherein theinstructions further direct the at least one processor to: settleperiodic payments between the issuer system and the first lender system.

Clause 31: The system of any one of clauses 21-30, wherein the customerdevice comprises a mobile payment application, and wherein the mobilepayment application comprises a payment token associated with the firstinstallment payment option.

Clause 32: The system of any one of clauses 21-31, wherein the at leastone field comprises an account identifier field comprising a paymenttoken, the payment token comprising a bank identification number (BIN)associated with the first lender system associated with the firstinstallment payment option; and wherein determining the first lendersystem associated with the first installment payment option comprisesdetermining the first lender system associated with the firstinstallment payment option based on the BIN of the payment token.

Clause 33: The system of any one of clauses 21-32, wherein receiving thefirst authorization request is in response to the customer devicecommunicating the payment token to the merchant system.

Clause 34: The system of any one of clauses 21-33, wherein theinstructions further direct the at least one processor to: settle thepayment transaction between the first lender system and an acquirersystem associated with the merchant system.

Clause 35: The system of any one of clauses 21-34, wherein the firstlender system comprises an issuer system associated with a customeraccount of the customer; and wherein issuer system posts periodicpayments to the customer account of the customer based on the firstinstallment payment option.

Clause 36: The system of any one of clauses 21-35, wherein the customerdevice comprises a mobile payment application, and wherein the customerdevice receives, via the mobile payment application, a selection of thefirst installment payment option of the plurality of installment paymentoptions, and wherein the instructions further direct the at least oneprocessor to: receive, from the customer device, an indication of theselection of the first installment payment option of the plurality ofinstallment payment options; receive, from the customer device, accountidentifier data associated with an account identifier of the customer;approve the first installment payment option; and communicate a paymenttoken to the mobile payment application of the customer device.

Clause 37: The system of any one of clauses 21-36, wherein theinstructions further direct the at least one processor to, afterreceiving the first authorization request and before determining thefirst lender system: communicate the first installment payment dataassociated with the first installment payment option to a plurality oflender systems; and receive bid data associated with a bid for the firstinstallment payment option from at least one lender system of theplurality of lender systems.

Clause 38: The system of any one of clauses 21-37, wherein determiningthe first lender system comprises selecting the first lender system fromthe at least one lender system of the plurality of lender systems basedon the bid data.

Clause 39: The system of any one of clauses 21-38, wherein communicatingthe first installment payment data comprises: communicating the firstinstallment payment data to at least one merchant lender system of theplurality of lender systems; if bid data is not received from the atleast one merchant lender system, communicating the first installmentpayment data to at least one issuer lender system of the plurality oflender systems; and if bid data is not received from the at least oneissuer lender system, communicating the first installment payment datato at least one third party lender system of the plurality of lendersystems.

Clause 40: The system of any one of clauses 21-39, wherein, in responseto communicating the first installment payment data, the at least onelender system approves the first installment payment option for thecustomer.

Clause 41: A computer program product for providing installment paymentoptions for a payment transaction, the computer program productcomprising at least one non-transitory computer-readable mediumincluding one or more instructions that, when executed by at least oneprocessor, cause the at least one processor to: communicate installmentpayment data associated with a plurality of installment payment optionsto a customer device; receive, from a merchant system, a firstauthorization request for a payment transaction with a customer of thecustomer device, the first authorization request comprising at least onefield comprising first installment payment data associated with a firstinstallment payment option of the plurality of installment paymentoptions; determine a first lender system associated with the firstinstallment payment option based on the first installment payment data;communicate a second authorization request comprising the firstinstallment payment data to the first lender system; receive, from thefirst lender system, a first authorization response indicating approvalof the first installment payment option for the payment transaction; andcommunicate a second authorization response indicating approval of thepayment transaction to the merchant system.

Clause 42: The computer program product of clause 41, wherein theinstructions further cause the at least one processor to, beforecommunicating the installment payment data: receive, from a mobilepayment application on the customer device, account identifier dataassociated with an account identifier of the customer; generate apayment token associated with the account identifier; and communicatethe payment token to the mobile payment application of the customerdevice.

Clause 43: The computer program product of clauses 41 or 42, whereinreceiving the first authorization request is in response to the customerdevice communicating the payment token to the merchant system.

Clause 44: The computer program product of any one of clauses 41-43,wherein the instructions further cause the at least one processor to,after communicating the installment payment data: receive, from thecustomer device, a first message comprising an indication of the firstinstallment payment option of the plurality of installment paymentoptions, customer data associated with personal information of thecustomer, and potential purchase data associated with a potentialpurchase of the customer; determine the first lender system associatedwith the first installment payment option based on the indication of thefirst installment payment option; communicate a second messagecomprising the indication of the first installment payment option, thecustomer data, and the potential purchase data to the first lendersystem; receive, from the first lender system, a third messageindicating approval of the first installment payment option for thepayment transaction; and communicate a fourth message indicatingapproval of the first installment payment option for the paymenttransaction to the customer device, the fourth message comprising thefirst installment payment data associated with the first installmentpayment option, wherein the customer device stores the first installmentpayment data.

Clause 45: The computer program product of any one of clauses 41-44,wherein receiving the first authorization request is in response to thecustomer device communicating to the merchant system the firstinstallment payment data and at least one of account identifier dataassociated with an account identifier of the customer or a payment tokenassociated with the account identifier of the customer.

Clause 46: The computer program product of any one of clauses 41-45,wherein the first authorization request further comprises the at leastone of the account identifier data or the payment token, and wherein theinstructions further cause the at least one processor to: validate theat least one of the account identifier data or the payment token fromthe first authorization request; extract the first installment paymentdata from the at least one field of the first authorization request; andvalidate the first installment payment data based on a comparison of thefirst installment payment data of the authorization request and thefirst installment payment data of the fourth message.

Clause 47: The computer program product of any one of clauses 41-46,wherein the first authorization request comprises the payment token, andwherein the instructions further cause the at least one processor toconvert the payment token into the account identifier data.

Clause 48: The computer program product of any one of clauses 41-47,wherein the instructions further cause the at least one processor to:settle the payment transaction between the first lender system and anacquirer system associated with the merchant system; and settle periodicpayments between an issuer system associated with a customer account ofthe customer and the first lender system.

Clause 49: The computer program product of any one of clauses 41-48,wherein the instructions further cause the at least one processor to:transfer a transaction amount of the payment transaction from the firstlender system to an issuer system associated with a customer account ofthe customer; communicate a third authorization request for the paymenttransaction to the issuer system; and before communicating the secondauthorization response, receive, from the issuer system, a thirdauthorization response indicating approval of the payment transaction.

Clause 50: The computer program product of any one of clauses 41-49,wherein the instructions further cause the at least one processor to:settle periodic payments between the issuer system and the first lendersystem.

Clause 51: The computer program product of any one of clauses 41-50,wherein the customer device comprises a mobile payment application, andwherein the mobile payment application comprises a payment tokenassociated with the first installment payment option.

Clause 52: The computer program product of any one of clauses 41-51,wherein the at least one field comprises an account identifier fieldcomprising a payment token, the payment token comprising a bankidentification number (BIN) associated with the first lender systemassociated with the first installment payment option; and whereindetermining the first lender system associated with the firstinstallment payment option comprises determining the first lender systemassociated with the first installment payment option based on the BIN ofthe payment token.

Clause 53: The computer program product of any one of clauses 41-52,wherein receiving the first authorization request is in response to thecustomer device communicating the payment token to the merchant system.

Clause 54: The computer program product of any one of clauses 41-53,wherein the instructions further cause the at least one processor to:settle the payment transaction between the first lender system and anacquirer system associated with the merchant system.

Clause 55: The computer program product of any one of clauses 41-54,wherein the first lender system comprises an issuer system associatedwith a customer account of the customer; and wherein issuer system postsperiodic payments to the customer account of the customer based on thefirst installment payment option.

Clause 56: The computer program product of any one of clauses 41-55,wherein the customer device comprises a mobile payment application, andwherein the customer device receives, via the mobile paymentapplication, a selection of the first installment payment option of theplurality of installment payment options, and wherein the instructionsfurther cause the at least one processor to: receive, from the customerdevice, an indication of the selection of the first installment paymentoption of the plurality of installment payment options; receive, fromthe customer device, account identifier data associated with an accountidentifier of the customer; approve the first installment paymentoption; and communicate a payment token to the mobile paymentapplication of the customer device.

Clause 57: The computer program product of any one of clauses 41-56,wherein the instructions further cause the at least one processor to,after receiving the first authorization request and before determiningthe first lender system: communicate the first installment payment dataassociated with the first installment payment option to a plurality oflender systems; and receive bid data associated with a bid for the firstinstallment payment option from at least one lender system of theplurality of lender systems.

Clause 58: The computer program product of any one of clauses 41-57,wherein determining the first lender system comprises selecting thefirst lender system from the at least one lender system of the pluralityof lender systems based on the bid data.

Clause 59: The computer program product of any one of clauses 41-58,wherein communicating the first installment payment data comprises:communicating the first installment payment data to at least onemerchant lender system of the plurality of lender systems; if bid datais not received from the at least one merchant lender system,communicating the first installment payment data to at least one issuerlender system of the plurality of lender systems; and if bid data is notreceived from the at least one issuer lender system, communicating thefirst installment payment data to at least one third party lender systemof the plurality of lender systems.

Clause 60: The computer program product of any one of clauses 41-59,wherein, in response to communicating the first installment paymentdata, the at least one lender system approves the first installmentpayment option for the customer.

These and other features and characteristics of the presently disclosedsubject matter, as well as the methods of operation and functions of therelated elements of structures and the combination of parts andeconomies of manufacture, will become more apparent upon considerationof the following description and the appended claims with reference tothe accompanying drawings, as well as the attached Appendix, all ofwhich form a part of this specification, wherein like reference numeralsdesignate corresponding parts in the various figures. It is to beexpressly understood, however, that the drawings are for the purpose ofillustration and description only and are not intended as a definitionof the limits of the disclosed subject matter. As used in thespecification and the claims, the singular form of “a,” “an,” and “the”include plural referents unless the context clearly dictates otherwise.

BRIEF DESCRIPTION OF THE DRAWINGS

Additional advantages and details of the disclosed subject matter areexplained in greater detail below with reference to the exemplaryembodiments that are illustrated in the accompanying figures, in which:

FIG. 1 is a diagram of a non-limiting embodiment of an environment inwhich methods, systems, and/or computer program products, describedherein, may be implemented according to the principles of the presentlydisclosed subject matter;

FIG. 2 is a diagram of a non-limiting embodiment of components of one ormore devices of FIG. 1; and

FIG. 3 is a flowchart of a non-limiting embodiment of a process forproviding installment payment options for a payment transactionaccording to the principles of the presently disclosed subject matter;

FIG. 4 is a diagram of a non-limiting embodiment of an implementation ofa non-limiting embodiment of the process shown in FIG. 3, according tothe principles of the presently disclosed subject matter;

FIG. 5 is a diagram of a non-limiting embodiment of an implementation ofa non-limiting embodiment of the process shown in FIG. 3, according tothe principles of the presently disclosed subject matter; and

FIG. 6 is a diagram of a non-limiting embodiment of an implementation ofa non-limiting embodiment of the process shown in FIG. 3, according tothe principles of the presently disclosed subject matter.

DESCRIPTION

For purposes of the description hereinafter, the terms “end,” “upper,”“lower,” “right,” “left,” “vertical,” “horizontal,” “top,” “bottom,”“lateral,” “longitudinal,” and derivatives thereof shall relate to thedisclosed subject matter as it is oriented in the drawing figures.However, it is to be understood that the disclosed subject matter mayassume various alternative variations and step sequences, except whereexpressly specified to the contrary. It is also to be understood thatthe specific devices and processes illustrated in the attached drawings,and described in the following specification, are simply exemplaryembodiments or aspects of the disclosed subject matter. Hence, specificdimensions and other physical characteristics related to the embodimentsor aspects disclosed herein are not to be considered as limiting unlessotherwise indicated.

No aspect, component, element, structure, act, step, function,instruction, and/or the like used herein should be construed as criticalor essential unless explicitly described as such. Also, as used herein,the articles “a” and “an” are intended to include one or more items andmay be used interchangeably with “one or more” and “at least one.”Furthermore, as used herein, the term “set” is intended to include oneor more items (e.g., related items, unrelated items, a combination ofrelated and unrelated items, and/or the like) and may be usedinterchangeably with “one or more” or “at least one.” Where only oneitem is intended, the term “one” or similar language is used. Also, asused herein, the terms “has,” “have,” “having,” or the like are intendedto be open-ended terms. Further, the phrase “based on” is intended tomean “based at least partially on” unless explicitly stated otherwise.

As used herein, the terms “communication” and “communicate” may refer tothe reception, receipt, transmission, transfer, provision, and/or thelike of information (e.g., data, signals, messages, instructions,commands, and/or the like). For one unit (e.g., a device, a system, acomponent of a device or system, combinations thereof, and/or the like)to be in communication with another unit means that the one unit is ableto directly or indirectly receive information from and/or transmitinformation to the other unit. This may refer to a direct or indirectconnection (e.g., a direct communication connection, an indirectcommunication connection, and/or the like) that is wired and/or wirelessin nature. Additionally, two units may be in communication with eachother even though the information transmitted may be modified,processed, relayed, and/or routed between the first and second unit. Forexample, a first unit may be in communication with a second unit eventhough the first unit passively receives information and does notactively transmit information to the second unit. As another example, afirst unit may be in communication with a second unit if at least oneintermediary unit (e.g., a third unit located between the first unit andthe second unit) processes information received from the first unit andcommunicates the processed information to the second unit. In somenon-limiting embodiments, a message may refer to a network packet (e.g.,a data packet and/or the like) that includes data. It will beappreciated that numerous other arrangements are possible.

As used herein, the terms “issuer institution,” “portable financialdevice issuer,” “issuer,” or “issuer bank” may refer to one or moreentities that provide accounts to customers for conducting transactions(e.g., payment transactions), such as initiating credit and/or debitpayments. For example, an issuer institution may provide an accountidentifier, such as a personal account number (PAN), to a customer thatuniquely identifies one or more accounts associated with that customer.The account identifier may be embodied on a portable financial device,such as a physical financial instrument, e.g., a payment card, and/ormay be electronic and used for electronic payments. The terms “issuerinstitution” and “issuer institution system” may also refer to one ormore computer systems operated by or on behalf of an issuer institution,such as a server computer executing one or more software applications.For example, an issuer institution system may include one or moreauthorization servers for authorizing a transaction.

As used herein, the term “account identifier” may include one or moretypes of identifiers associated with a user account (e.g., a PAN, aprimary account number, a card number, a payment card number, a token,and/or the like). In some non-limiting embodiments, an issuerinstitution may provide an account identifier (e.g., a PAN, a token,and/or the like) to a user that uniquely identifies one or more accountsassociated with that user. The account identifier may be embodied on aphysical financial instrument (e.g., a portable financial instrument, apayment card, a credit card, a debit card, and/or the like) and/or maybe electronic information communicated to the user that the user may usefor electronic payments. In some non-limiting embodiments, the accountidentifier may be an original account identifier, where the originalaccount identifier was provided to a user at the creation of the accountassociated with the account identifier. In some non-limitingembodiments, the account identifier may be an account identifier (e.g.,a supplemental account identifier) that is provided to a user after theoriginal account identifier was provided to the user. For example, ifthe original account identifier is forgotten, stolen, and/or the like, asupplemental account identifier may be provided to the user. In somenon-limiting embodiments, an account identifier may be directly orindirectly associated with an issuer institution such that an accountidentifier may be a token that maps to a PAN or other type ofidentifier. Account identifiers may be alphanumeric, any combination ofcharacters and/or symbols, and/or the like. An issuer institution may beassociated with a bank identification number (BIN) that uniquelyidentifies the issuer institution.

As used herein, the terms “payment token” or “token” may refer to anidentifier that is used as a substitute or replacement identifier for anaccount identifier, such as a PAN. Tokens may be associated with a PANor other account identifiers in one or more data structures (e.g., oneor more databases and/or the like) such that they can be used to conducta transaction (e.g., a payment transaction) without directly using theaccount identifier, such as a PAN. In some examples, an accountidentifier, such as a PAN, may be associated with a plurality of tokensfor different individuals, different uses, and/or different purposes.For example, a payment token may include a series of numeric and/oralphanumeric characters that may be used as a substitute for an originalaccount identifier. For example, a payment token “4900 0000 0000 0001”may be used in place of a PAN “4147 0900 0000 1234.” In somenon-limiting embodiments, a payment token may be “format preserving” andmay have a numeric format that conforms to the account identifiers usedin existing payment processing networks (e.g., ISO 8583 financialtransaction message format). In some non-limiting embodiments, a paymenttoken may be used in place of a PAN to initiate, authorize, settle, orresolve a payment transaction or represent the original credential inother systems where the original credential would typically be provided.In some non-limiting embodiments, a token value may be generated suchthat the recovery of the original PAN or other account identifier fromthe token value may not be computationally derived (e.g., with a one-wayhash or other cryptographic function). Further, in some non-limitingembodiments, the token format may be configured to allow the entityreceiving the payment token to identify it as a payment token andrecognize the entity that issued the token.

As used herein, the term “provisioning” may refer to a process ofenabling a device to use a resource or service. For example,provisioning may involve enabling a device to perform transactions usingan account. Additionally or alternatively, provisioning may includeadding provisioning data associated with account data (e.g., a paymenttoken representing an account number) to a device.

As used herein, the term “token requestor” may refer to an entity thatis seeking to implement tokenization according to embodiments of thepresently disclosed subject matter. For example, the token requestor mayinitiate a request that a PAN be tokenized by submitting a token requestmessage to a token service provider. Additionally or alternatively, atoken requestor may no longer need to store a PAN associated with atoken once the requestor has received the payment token in response to atoken request message. In some non-limiting embodiments, the requestormay be an application, a device, a process, or a system that isconfigured to perform actions associated with tokens. For example, arequestor may request registration with a network token system, requesttoken generation, token activation, token de-activation, token exchange,other token lifecycle management related processes, and/or any othertoken related processes. In some non-limiting embodiments, a requestormay interface with a network token system through any suitablecommunication network and/or protocol (e.g., using HTTPS, SOAP and/or anXML interface among others). For example, a token requestor may includecard-on-file merchants, acquirers, acquirer processors, payment gatewaysacting on behalf of merchants, payment enablers (e.g., originalequipment manufacturers, mobile network operators, and/or the like),digital wallet providers, issuers, third-party wallet providers, paymentprocessing networks, and/or the like. In some non-limiting embodiments,a token requestor may request tokens for multiple domains and/orchannels. Additionally or alternatively, a token requestor may beregistered and identified uniquely by the token service provider withinthe tokenization ecosystem. For example, during token requestorregistration, the token service provider may formally process a tokenrequestor's application to participate in the token service system. Insome non-limiting embodiments, the token service provider may collectinformation pertaining to the nature of the requestor and relevant useof tokens to validate and formally approve the token requestor andestablish appropriate domain restriction controls. Additionally oralternatively, successfully registered token requestors may be assigneda token requestor identifier that may also be entered and maintainedwithin the token vault. In some non-limiting embodiments, tokenrequestor identifiers may be revoked and/or token requestors may beassigned new token requestor identifiers. In some non-limitingembodiments, this information may be subject to reporting and audit bythe token service provider.

As used herein, the term a “token service provider” may refer to anentity including one or more server computers in a token service systemthat generates, processes and maintains payment tokens. For example, thetoken service provider may include or be in communication with a tokenvault where the generated tokens are stored. Additionally oralternatively, the token vault may maintain one-to-one mapping between atoken and a PAN represented by the token. In some non-limitingembodiments, the token service provider may have the ability to setaside licensed BINs as token BINs to issue tokens for the PANs that maybe submitted to the token service provider. In some non-limitingembodiments, various entities of a tokenization ecosystem may assume theroles of the token service provider. For example, payment networks andissuers or their agents may become the token service provider byimplementing the token services according to non-limiting embodiments ofthe presently disclosed subject matter. Additionally or alternatively, atoken service provider may provide reports or data output to reportingtools regarding approved, pending, or declined token requests, includingany assigned token requestor ID. The token service provider may providedata output related to token-based transactions to reporting tools andapplications and present the token and/or PAN as appropriate in thereporting output. In some non-limiting embodiments, the EMVCo standardsorganization may publish specifications defining how tokenized systemsmay operate. For example, such specifications may be informative, butthey are not intended to be limiting upon any of the presently disclosedsubject matter.

As used herein, the term “token vault” may refer to a repository thatmaintains established token-to-PAN mappings. For example, the tokenvault may also maintain other attributes of the token requestor that maybe determined at the time of registration and/or that may be used by thetoken service provider to apply domain restrictions or other controlsduring transaction processing. In some non-limiting embodiments, thetoken vault may be a part of a token service system. For example, thetoken vault may be provided as a part of the token service provider.Additionally or alternatively, the token vault may be a remoterepository accessible by the token service provider. In somenon-limiting embodiments, token vaults, due to the sensitive nature ofthe data mappings that are stored and managed therein, may be protectedby strong underlying physical and logical security. Additionally oralternatively, a token vault may be operated by any suitable entity,including a payment network, an issuer, clearing houses, other financialinstitutions, transaction service providers, and/or the like.

As used herein, the term “merchant” may refer to one or more entities(e.g., operators of retail businesses that provide goods and/orservices, and/or access to goods and/or services, to a user (e.g., acustomer, a consumer, a customer of the merchant, and/or the like) basedon a transaction (e.g., a payment transaction)). As used herein,“merchant system” may refer to one or more computer systems operated byor on behalf of a merchant, such as a server computer executing one ormore software applications. As used herein, the term “product” may referto one or more goods and/or services offered by a merchant.

As used herein, a “point-of-sale (POS) device” may refer to one or moredevices, which may be used by a merchant to initiate transactions (e.g.,a payment transaction), engage in transactions, and/or processtransactions. For example, a POS device may include one or morecomputers, peripheral devices, card readers, near-field communication(NFC) receivers, radio frequency identification (RFID) receivers, and/orother contactless transceivers or receivers, contact-based receivers,payment terminals, computers, servers, input devices, and/or the like.

As used herein, a “point-of-sale (POS) system” may refer to one or morecomputers and/or peripheral devices used by a merchant to conduct atransaction. For example, a POS system may include one or more POSdevices and/or other like devices that may be used to conduct a paymenttransaction. A POS system (e.g., a merchant POS system) may also includeone or more server computers programmed or configured to process onlinepayment transactions through webpages, mobile applications, and/or thelike.

As used herein, the term “transaction service provider” may refer to anentity that receives transaction authorization requests from merchantsor other entities and provides guarantees of payment, in some casesthrough an agreement between the transaction service provider and theissuer institution. In some non-limiting embodiments, a transactionservice provider may include a credit card company, a debit cardcompany, and/or the like. As used herein, the term “transaction serviceprovider system” may also refer to one or more computer systems operatedby or on behalf of a transaction service provider, such as a transactionprocessing server executing one or more software applications. Atransaction processing server may include one or more processors and, insome non-limiting embodiments, may be operated by or on behalf of atransaction service provider.

As used herein, the term “acquirer” may refer to an entity licensed bythe transaction service provider and approved by the transaction serviceprovider to originate transactions (e.g., payment transactions) using aportable financial device associated with the transaction serviceprovider. As used herein, the term “acquirer system” may also refer toone or more computer systems, computer devices, and/or the like operatedby or on behalf of an acquirer. The transactions the acquirer mayoriginate may include payment transactions (e.g., purchases, originalcredit transactions (OCTs), account funding transactions (AFTs), and/orthe like). In some non-limiting embodiments, the acquirer may beauthorized by the transaction service provider to assign merchant orservice providers to originate transactions using a portable financialdevice of the transaction service provider. The acquirer may contractwith payment facilitators to enable the payment facilitators to sponsormerchants. The acquirer may monitor compliance of the paymentfacilitators in accordance with regulations of the transaction serviceprovider. The acquirer may conduct due diligence of the paymentfacilitators and ensure that proper due diligence occurs before signinga sponsored merchant. The acquirer may be liable for all transactionservice provider programs that the acquirer operates or sponsors. Theacquirer may be responsible for the acts of the acquirer's paymentfacilitators, merchants that are sponsored by an acquirer's paymentfacilitators, and/or the like. In some non-limiting embodiments, anacquirer may be a financial institution, such as a bank.

As used herein, the terms “electronic wallet,” “electronic wallet mobileapplication,” and “digital wallet” may refer to one or more electronicdevices and/or one or more software applications configured to initiateand/or conduct transactions (e.g., payment transactions, electronicpayment transactions, and/or the like). For example, an electronicwallet may include a user device (e.g., a mobile device) executing anapplication program and server-side software and/or databases formaintaining and providing transaction data to the user device. As usedherein, the term “electronic wallet provider” may include an entity thatprovides and/or maintains an electronic wallet and/or an electronicwallet mobile application for a user (e.g., a customer). Examples of anelectronic wallet provider include, but are not limited to, GoogleWallet™, Android Pay®, Apple Pay®, and Samsung Pay®. In somenon-limiting examples, a financial institution (e.g., an issuerinstitution) may be an electronic wallet provider. As used herein, theterm “electronic wallet provider system” may refer to one or morecomputer systems, computer devices, servers, groups of servers, and/orthe like operated by or on behalf of an electronic wallet provider.

As used herein, the term “portable financial device” may refer to apayment card (e.g., a credit or debit card), a gift card, a smartcard,smart media, a payroll card, a healthcare card, a wrist band, amachine-readable medium containing account information, a keychaindevice or fob, an RFID transponder, a retailer discount or loyalty card,a cellular phone, an electronic wallet mobile application, a personaldigital assistant (PDA), a pager, a security card, a computer, an accesscard, a wireless terminal, a transponder, and/or the like. In somenon-limiting embodiments, the portable financial device may includevolatile or non-volatile memory to store information (e.g., an accountidentifier, a name of the account holder, and/or the like).

As used herein, the term “payment gateway” may refer to an entity and/ora payment processing system operated by or on behalf of such an entity(e.g., a merchant service provider, a payment service provider, apayment facilitator, a payment facilitator that contracts with anacquirer, a payment aggregator, and/or the like), which provides paymentservices (e.g., transaction service provider payment services, paymentprocessing services, and/or the like) to one or more merchants. Thepayment services may be associated with the use of portable financialdevices managed by a transaction service provider. As used herein, theterm “payment gateway system” may refer to one or more computer systems,computer devices, servers, groups of servers, and/or the like operatedby or on behalf of a payment gateway and/or to a payment gateway itself.The term “payment gateway mobile application” may refer to one or moreelectronic devices and/or one or more software applications configuredto provide payment services for transactions (e.g., paymenttransactions, electronic payment transactions, and/or the like).

As used herein, the terms “client” and “client device” may refer to oneor more client-side devices or systems (e.g., remote from a transactionservice provider) used to initiate or facilitate a transaction (e.g., apayment transaction). As an example, a “client device” may refer to oneor more POS devices used by a merchant, one or more acquirer hostcomputers used by an acquirer, one or more mobile devices used by auser, and/or the like. In some non-limiting embodiments, a client devicemay be an electronic device configured to communicate with one or morenetworks and initiate or facilitate transactions. For example, a clientdevice may include one or more computers, portable computers, laptopcomputers, tablet computers, mobile devices, cellular phones, wearabledevices (e.g., watches, glasses, lenses, clothing, and/or the like),PDAs, and/or the like. Moreover, a “client” may also refer to an entity(e.g., a merchant, an acquirer, and/or the like) that owns, utilizes,and/or operates a client device for initiating transactions (e.g., forinitiating transactions with a transaction service provider).

As used herein, the term “server” may refer to one or more computingdevices (e.g., processors, storage devices, similar computer components,and/or the like) that communicate with client devices and/or othercomputing devices over a network (e.g., a public network, the Internet,a private network, and/or the like) and, in some examples, facilitatecommunication among other servers and/or client devices. It will beappreciated that various other arrangements are possible. As usedherein, the term “system” may refer to one or more computing devices orcombinations of computing devices (e.g., processors, servers, clientdevices, software applications, components of such, and/or the like).Reference to “a device,” “a server,” “a processor,” and/or the like, asused herein, may refer to a previously-recited device, server, orprocessor that is recited as performing a previous step or function, adifferent server or processor, and/or a combination of servers and/orprocessors. For example, as used in the specification and the claims, afirst server or a first processor that is recited as performing a firststep or a first function may refer to the same or different server orthe same or different processor recited as performing a second step or asecond function.

Non-limiting embodiments of the disclosed subject matter are directed tosystems, methods, and computer program products for providinginstallment payment options, including, but not limited to, providinginstallment payment options for a payment transaction using a consumerdevice. For example, non-limiting embodiments of the disclosed subjectmatter provide communicating installment payment options to a consumerdevice and receiving data associated with one of the installment paymentoptions in an authorization request (e.g., in a field thereof). Suchembodiments provide techniques and systems for providing the consumerdifferent installment payment options from a plurality of lenders andallowing the user to select one of the installment payment options thatthe consumer finds preferable. Additionally or alternatively, suchembodiments provide techniques and systems for receiving different bidsfor installment payment options from a plurality of lenders anddetermining which bid/lender to select based thereon. Additionally oralternatively, such embodiments provide techniques and systems for usinginstallment payment options without modification of the merchant and/oracquirer systems. Additionally or alternatively, such embodimentsprovide techniques and systems for installment payment options fromissuer(s), merchant(s), and/or other lenders. Additionally oralternatively, such embodiments provide techniques and systems forsettling the payment transaction and the installment payments betweenthe respective entities.

For the purpose of illustration, in the following description, while thepresently disclosed subject matter is described with respect to methods,systems, and computer program products for providing installment paymentoptions, e.g., providing installment payment options for a paymenttransaction using a consumer device, one skilled in the art willrecognize that the disclosed subject matter is not limited to theillustrative embodiments. For example, the methods, systems, andcomputer program products described herein may be used with a widevariety of settings, such as providing installment payment options inany setting suitable for using such options.

Referring now to FIG. 1, FIG. 1 is a diagram of a non-limitingembodiment of an environment 100 in which systems, products, and/ormethods, as described herein, may be implemented. As shown in FIG. 1,environment 100 includes transaction service provider system 102, issuersystem 104 a, lender system 104 b, customer device 106, merchant system108, acquirer system 110, and network 112.

Transaction service provider system 102 may include one or more devicescapable of receiving information from and/or communicating informationto issuer system 104 a, lender system 104 b, customer device 106,merchant system 108, and/or acquirer system 110 via network 112. Forexample, transaction service provider system 102 may include a computingdevice, such as a server (e.g., a transaction processing server), agroup of servers, and/or other like devices. In some non-limitingembodiments, transaction service provider system 102 may be associatedwith a transaction service provider as described herein. In somenon-limiting embodiments, transaction service provider system 102 may bein communication with a data storage device, which may be local orremote to transaction service provider system 102. In some non-limitingembodiments, transaction service provider system 102 may be capable ofreceiving information from, storing information in, communicatinginformation to, or searching information stored in the data storagedevice.

Issuer system 104 a may include one or more devices capable of receivinginformation and/or communicating information to transaction serviceprovider system 102, lender system 104 b, customer device 106, merchantsystem 108, and/or acquirer system 110 via network 112. For example,issuer system 104 a may include a computing device, such as a server, agroup of servers, and/or other like devices. In some non-limitingembodiments, issuer system 104 a may be associated with an issuerinstitution, as described herein. For example, issuer system 104 a maybe associated with an issuer institution that issued a credit account,debit account, credit card, debit card, and/or the like to a userassociated with customer device 106.

Lender system 104 b may include one or more devices capable of receivinginformation and/or communicating information to transaction serviceprovider system 102, issuer system 104 a, customer device 106, merchantsystem 108, and/or acquirer system 110 via network 112. For example,lender system 104 b may include a computing device, such as a server, agroup of servers, and/or other like devices. In some non-limitingembodiments, lender system 104 b may be the same as, similar to, or apart of issuer system 104 a. In some non-limiting embodiments, lendersystem 104 b may be the same as, similar to, or a part of merchantsystem 108. In some non-limiting embodiments, lender system 104 b may beassociated with an issuer institution (e.g., a second issuerinstitution), as described herein, that may be different from the issuerinstitution associated with issuer system 104 a. For example, lendersystem 104 b may be associated with an issuer institution that issued oris willing to issuer a credit account, debit account, credit card, debitcard, and/or the like to a user associated with customer device 106. Insome non-limiting embodiments, lender system 104 b may be associatedwith a lender institution (e.g., an organization, person, entity, and/orthe like) that lends money (e.g., loans) that is not an issuerinstitution. For example, lender system 104 b may be associated with alender institution that provided or is willing to provide a loan, creditaccount, installment payment options, and/or the like to a userassociated with customer device 106.

Customer device 106 may include one or more devices capable of receivinginformation from and/or communicating information to transaction serviceprovider system 102, issuer system 104 a, lender system 104 b, merchantsystem 108, and/or acquirer system 110 via network 112. Additionally oralternatively, each customer device 106 may include a device capable ofreceiving information from and/or communicating information to othercustomer devices 106 via network 112, another network (e.g., an ad hocnetwork, a local network, a private network, a virtual private network,and/or the like), and/or any other suitable communication technique. Forexample, customer device 106 may include a client device and/or thelike. In some non-limiting embodiments, customer device 106 may or maynot be capable of receiving information (e.g., from merchant system 108or from another customer device 106) via a short-range wirelesscommunication connection (e.g., an NFC communication connection, an RFIDcommunication connection, a Bluetooth® communication connection, aZigbee® communication connection, and/or the like), and/or communicatinginformation (e.g., to merchant system 108) via a short-range wirelesscommunication connection.

Merchant system 108 may include one or more devices capable of receivinginformation from and/or communicating information to transaction serviceprovider system 102, issuer system 104 a, lender system 104 b, customerdevice 106, and/or acquirer system 110 via network 112. Merchant system108 may also include a device capable of receiving information fromcustomer device 106 via network 112, a communication connection (e.g.,an NFC communication connection, an RFID communication connection, aBluetooth® communication connection, a Zigbee® communication connection,and/or the like) with customer device 106, and/or the like, and/orcommunicating information to customer device 106 via the network, thecommunication connection, and/or the like. In some non-limitingembodiments, merchant system 108 may include a computing device, such asa server, a group of servers, a client device, a group of clientdevices, and/or other like devices. In some non-limiting embodiments,merchant system 108 may be associated with a merchant as describedherein. In some non-limiting embodiments, merchant system 108 mayinclude one or more client devices. For example, merchant system 108 mayinclude a client device that allows a merchant to communicateinformation to transaction service provider system 102. In somenon-limiting embodiments, merchant system 108 may include one or moredevices, such as computers, computer systems, and/or peripheral devicescapable of being used by a merchant to conduct a transaction with auser. For example, merchant system 108 may include a POS device and/or aPOS system.

Acquirer system 110 may include one or more devices capable of receivinginformation from and/or communicating information to transaction serviceprovider system 102, issuer system 104 a, lender system 104 b, customerdevice 106, and/or merchant system 108 via network 112. For example,acquirer system 110 may include a computing device, a server, a group ofservers, and/or the like. In some non-limiting embodiments, acquirersystem 110 may be associated with an acquirer as described herein.

Network 112 may include one or more wired and/or wireless networks. Forexample, network 112 may include a cellular network (e.g., a long-termevolution (LTE) network, a third generation (3G) network, a fourthgeneration (4G) network, a code division multiple access (CDMA) network,and/or the like), a public land mobile network (PLMN), a local areanetwork (LAN), a wide area network (WAN), a metropolitan area network(MAN), a telephone network (e.g., the public switched telephone network(PSTN)), a private network (e.g., a private network associated with atransaction service provider), an ad hoc network, an intranet, theInternet, a fiber optic-based network, a cloud computing network, and/orthe like, and/or a combination of these or other types of networks.

The number and arrangement of systems, devices, and/or networks shown inFIG. 1 are provided as an example. There may be additional systems,devices, and/or networks; fewer systems, devices, and/or networks;different systems, devices, and/or networks; and/or differently arrangedsystems, devices, and/or networks than those shown in FIG. 1.Furthermore, two or more systems or devices shown in FIG. 1 may beimplemented within a single system or device, or a single system ordevice shown in FIG. 1 may be implemented as multiple, distributedsystems or devices. Additionally or alternatively, a set of systems(e.g., one or more systems) or a set of devices (e.g., one or moredevices) of environment 100 may perform one or more functions describedas being performed by another set of systems or another set of devicesof environment 100.

Referring now to FIG. 2, FIG. 2 is a diagram of example components of adevice 200. Device 200 may correspond to one or more devices oftransaction service provider system 102, one or more devices of issuersystem 104 a, lender system 104 b, customer device 106, one or moredevices of merchant system 108, and/or one or more devices of acquirersystem 110. In some non-limiting embodiments, transaction serviceprovider system 102, issuer system 104 a, lender system 104 b, customerdevice 106, merchant system 108, and/or acquirer system 110 may includeat least one device 200 and/or at least one component of device 200. Asshown in FIG. 2, device 200 may include bus 202, processor 204, memory206, storage component 208, input component 210, output component 212,and communication interface 214.

Bus 202 may include a component that permits communication among thecomponents of device 200. In some non-limiting embodiments, processor204 may be implemented in hardware, firmware, or a combination ofhardware and software. For example, processor 204 may include aprocessor (e.g., a central processing unit (CPU), a graphics processingunit (GPU), an accelerated processing unit (APU), and/or the like), amicroprocessor, a digital signal processor (DSP), and/or any processingcomponent (e.g., a field-programmable gate array (FPGA), anapplication-specific integrated circuit (ASIC), and/or the like), and/orthe like, which can be programmed to perform a function. Memory 206 mayinclude random access memory (RAM), read only memory (ROM), and/oranother type of dynamic or static storage device (e.g., flash memory,magnetic memory, optical memory, and/or the like) that storesinformation and/or instructions for use by processor 204.

Storage component 208 may store information and/or software related tothe operation and use of device 200. For example, storage component 208may include a hard disk (e.g., a magnetic disk, an optical disk, amagneto-optic disk, a solid state disk, and/or the like), a compact disc(CD), a digital versatile disc (DVD), a floppy disk, a cartridge, amagnetic tape, and/or another type of computer-readable medium, alongwith a corresponding drive.

Input component 210 may include a component that permits device 200 toreceive information, such as via user input (e.g., a touch screendisplay, a keyboard, a keypad, a mouse, a button, a switch, amicrophone, a camera, and/or the like). Additionally or alternatively,input component 210 may include a sensor for sensing information (e.g.,a global positioning system (GPS) component, an accelerometer, agyroscope, an actuator, and/or the like). Output component 212 mayinclude a component that provides output information from device 200(e.g., a display, a speaker, one or more light-emitting diodes (LEDs),and/or the like).

Communication interface 214 may include a transceiver-like component(e.g., a transceiver, a receiver and transmitter that are separate,and/or the like) that enables device 200 to communicate with otherdevices, such as via a wired connection, a wireless connection, or acombination of wired and wireless connections. Communication interface214 may permit device 200 to receive information from another deviceand/or provide information to another device. For example, communicationinterface 214 may include an Ethernet interface, an optical interface, acoaxial interface, an infrared interface, a radio frequency (RF)interface, a universal serial bus (USB) interface, a Wi-Fi® interface, aBluetooth® interface, a Zigbee® interface, a cellular network interface,and/or the like.

Device 200 may perform one or more processes described herein. Device200 may perform these processes based on processor 204 executingsoftware instructions stored by a computer-readable medium, such asmemory 206 and/or storage component 208. A computer-readable medium(e.g., a non-transitory computer-readable medium) is defined herein as anon-transitory memory device. A non-transitory memory device includesmemory space located inside of a single physical storage device ormemory space spread across multiple physical storage devices.

Software instructions may be read into memory 206 and/or storagecomponent 208 from another computer-readable medium or from anotherdevice via communication interface 214. When executed, softwareinstructions stored in memory 206 and/or storage component 208 may causeprocessor 204 to perform one or more processes described herein.Additionally or alternatively, hardwired circuitry may be used in placeof or in combination with software instructions to perform one or moreprocesses described herein. Thus, embodiments described herein are notlimited to any specific combination of hardware circuitry and software.

The number and arrangement of components shown in FIG. 2 are provided asan example. In some non-limiting embodiments, device 200 may includeadditional components, fewer components, different components, ordifferently arranged components than those shown in FIG. 2. Additionallyor alternatively, a set of components (e.g., one or more components) ofdevice 200 may perform one or more functions described as beingperformed by another set of components of device 200.

Referring now to FIG. 3, FIG. 3 is a flowchart of a non-limitingembodiment of a process 300 for providing installment payment optionsfor a payment transaction. In some non-limiting embodiments, one or moreof the steps of process 300 may be performed (e.g., completely,partially, and/or the like) by transaction service provider system 102(e.g., one or more devices of transaction service provider system 102).In some non-limiting embodiments, one or more of the steps of process300 may be performed (e.g., completely, partially, and/or the like) byanother system, another device, another group of systems, or anothergroup of devices, separate from or including transaction serviceprovider system 102, such as issuer system 104 a (e.g., one or moredevices of issuer system 104 a), lender system 104 b (e.g., one or moredevices of lender system 104 b), customer device 106, merchant system108 (e.g., one or more devices of merchant system 108), and/or acquirersystem 110 (e.g., one or more devices of acquirer system 110). In somenon-limiting embodiments, with reference to FIG. 3, a lender platformmay be a system (e.g., one or more devices) that is part of orassociated with one or more lender systems 104 b (e.g., a plurality oflender systems 104 b), a system (e.g., one or more devices) of a thirdparty that is capable of receiving information from and/or communicatinginformation to one or more lender systems 104 b (e.g., a plurality oflender systems 104 b), or a system of (e.g., one or more devices) thatis part of or associated with transaction service provider system 102and is capable of receiving information from and/or communicatinginformation to one or more lender systems 104 b (e.g., a plurality oflender systems 104 b). Additionally or alternatively, the lenderplatform may be capable of receiving information from and/orcommunicating information to transaction service provider system 102,issuer system 104 a, customer device 106, merchant system 108, and/oracquirer system 110 via network 112.

As shown in FIG. 3, at step 310, process 300 may include communicatinginstallment payment data. For example, the lender platform and/ortransaction service provider system 102 may communicate installmentpayment data to customer device 106. In some non-limiting embodiments,installment payment data may include a plurality of installment paymentoptions.

In some non-limiting embodiments, before communicating the installmentpayment data, transaction service provider system 102 may receiveaccount identifier data associated with an account identifier of thecustomer from customer device 106. For example, the account identifierdata may be communicated to transaction service provider system 102 viaa mobile payment application on customer device 106. In somenon-limiting embodiments, transaction service provider system 102 maygenerate a payment token associated with the account identifier.Additionally or alternatively, transaction service provider system 102may communicate the payment token customer device 106 (e.g., to themobile payment application of customer device 106).

In some non-limiting embodiments, after communicating the installmentpayment data, transaction service provider system 102 may receive fromcustomer device 106 (e.g., a mobile payment application of customerdevice 106) a (first) message comprising an indication of the firstinstallment payment option of the plurality of installment paymentoptions. Additionally or alternatively, the (first) message may includecustomer data associated with personal information of the customer(e.g., account identifier data, token, identifying information such asname and/or address, and/or the like), potential purchase dataassociated with a potential purchase of the customer (e.g., priceinformation and/or the like), and/or the like. In some non-limitingembodiments, transaction service provider system 102 may determine afirst lender system 104 b associated with the first installment paymentoption based on the indication of the first installment payment option.Additionally or alternatively, transaction service provider system 102may communicate to the first lender system 104 b a (second) message,which may include the indication of the first installment paymentoption, the customer data, the potential purchase data, and/or the like.In some non-limiting embodiments, the second message may be the same asthe first message. In some non-limiting embodiments, the second messagemay include additional customer data, which transaction service providersystem 102 may look up based on the customer data from the firstmessage. For example, such additional customer data may be included inthe second message in lieu of or in addition to the customer data. Insome non-limiting embodiments, transaction service provider system 102may receive from the first lender system 104 b a (third) messageindicating approval or pre-approval (or rejection) of the firstinstallment payment option for the payment transaction by the firstlender associated with the first lender system 104 b. In somenon-limiting embodiments, transaction service provider system 102 maycommunicate to customer device 106, (e.g., a mobile payment applicationof customer device 106), a (fourth) message indicating approval orpre-approval (or rejection) of the first installment payment option forthe payment transaction. In some non-limiting embodiments, the (fourth)message may include the first installment payment data associated withthe first installment payment option. In some non-limiting embodiments,customer device 106 may store the first installment payment data (e.g.,via a mobile payment application). Additionally or alternatively,customer device 106 may store the indication of approval or pre-approvalin association with the first installment payment data (e.g., via amobile payment application).

In some non-limiting embodiments, customer device 106 may include amobile payment application. Additionally or alternatively, the mobilepayment application may include a payment token associated with a firstinstallment payment option.

In some non-limiting embodiments, customer device 106 may include amobile payment application. Additionally or alternatively, customerdevice 106 may receive (e.g., via the mobile payment application) aselection of the first installment payment option from among theplurality of installment payment options (e.g., from the customer). Insome non-limiting embodiments, the lender platform and/or transactionservice provider system 102 may receive an indication of the selectionof the first installment payment option from customer device 106 (e.g.,via the mobile payment application). Additionally or alternatively, thelender platform and/or transaction service provider 102 may receivecustomer identifying data (e.g., an account identifier data associatedwith an account identifier of the customer, name and/or address of thecustomer, and/or the like) from customer device 106. In somenon-limiting embodiments, the lender platform and/or lender system 104 bmay approve or pre-approve the first installment payment option (e.g.,based on data communicated directly from customer device 106 and/orrelayed via transaction service provider system 102). Additionally oralternatively, the lender platform and/or transaction service providersystem 102 may communicate a payment token (e.g., associated with thefirst installment payment option) to customer device 106 (e.g., themobile payment application of customer device 106).

In some non-limiting embodiments, the lender platform, lender system 104b, and/or transaction service provider system 102 may communicate firstinstallment payment data to customer device 106. For example, the firstinstallment payment data may include at least one of a creditoridentifier, a loan term(s), an approval date, a creditor extension datalength, and/or a creditor extension data field.

As shown in FIG. 3, at step 320, process 300 may include receiving anauthorization request. For example, transaction service provider system102 may receive from merchant system 108 (e.g., visa acquirer system110) an authorization request (e.g., a first authorization request) fora payment transaction with a customer associated with customer device106 (e.g., a user of customer device 106). In some non-limitingembodiments, the (first) authorization request may include at least onefield. For example the at least one of the field(s) may include firstinstallment payment data associated with a first installment paymentoption of the plurality of installment payment options. In somenon-limiting embodiments, the first installment payment option may havebeen selected by the customer via a mobile payment application oncustomer device 106.

In some non-limiting embodiments, the first installment payment data maybe included in at least one of a discretionary data field of theauthorization request, an issuer application data (IAD) field of theauthorization request, a reserved or unused field of the authorizationrequest, or the like. Additionally or alternatively, the firstinstallment payment data may include at least one of a creditoridentifier, a loan term(s), an approval date, a creditor extension datalength, and/or a creditor extension data field, and any or all of suchdata may be placed in the aforementioned fields of the authorizationrequest.

In some non-limiting embodiments, the at least one field of the (first)authorization request may include an account identifier field comprisinga payment token. Additionally or alternatively, the payment token mayinclude a bank identification number (BIN) associated with the firstlender system 104 b associated with the first installment paymentoption. In some non-limiting embodiments, transaction service providersystem may receive the (first) authorization request in response tocustomer device 106 communicating the payment token to the merchantsystem.

In some non-limiting embodiments, customer device 106 may communicate anaccount identifier (e.g., payment token) to merchant system 108. Forexample, customer device 106 may use the mobile application tocommunicate the account identifier (e.g., payment token) to merchantsystem 108. Additionally or alternatively, customer device 106 maycommunicate the account identifier (e.g., payment token) to merchantsystem 108 (e.g., a POS device of merchant system 108) via NFC,contactless payment, payWave, and/or the like. For example, customerdevice 106 may discover the POS device of merchant system 108 (e.g., viaNFC, radio field, and/or the like), may activate and/or select anapplication for communicating with the POS device, may initiateapplication processing/communication with the POS device. In somenon-limiting embodiments, customer device 106 may communicate theaccount identifier (e.g., payment token) to merchant system 108 (e.g., aPOS device of merchant system 108) via integrated circuit chip, EMVchip, and/or the like.

In some non-limiting embodiments, the first authorization request may becommunicated from merchant system 108 to transaction service providersystem 102 (e.g., via acquirer system 110) in response to customerdevice 106 communicating the account identifier (e.g., payment token) tomerchant system 108. In some non-limiting embodiments, the firstauthorization request may be communicated from merchant system 108 totransaction service provider system 102 (e.g., via acquirer system 110)in response to customer device 106 communicating the first installmentpayment data and account identifier data (e.g., the payment token) tothe merchant system 108.

In some non-limiting embodiments, the first authorization request mayinclude the account identifier data (e.g., the payment token).Additionally or alternatively, transaction service provider 102 mayvalidate the account identifier data (e.g., payment token) from thefirst authorization request. In some non-limiting embodiments,transaction service provider 102 may extract the first installmentpayment data from the at least one field of the first authorizationrequest. Additionally or alternatively, transaction service provider 102may validate the first installment payment data based on a comparison ofthe first installment payment data of the authorization request and thefirst installment payment data of the fourth message.

In some non-limiting embodiments, the first authorization request mayinclude the payment token. Additionally or alternatively, transactionservice provider 102 may convert the payment token into another form ofaccount identifier data (e.g., a PAN of the customer associated withcustomer device 106).

In some non-limiting embodiments, after receiving the (first)authorization request, transaction service provider system 102 maycommunicate the first installment payment data associated with the firstinstallment payment option to the lender platform and/or to a pluralityof lender systems 104 b. Additionally or alternatively, transactionservice provider system 102 may receive bid data associated with a bidfor the first installment payment option from at least one lender systemof the plurality of lender systems 104 b (e.g., directly from suchlender systems 104 b or via the lender platform). In some non-limitingembodiments, each of the at least one lender system 104 b that providesbid data approves or pre-approves the first installment payment optionfor the customer. In some non-limiting embodiments, the firstinstallment payment data may be transmitted to different lenders basedon a predetermined priority. For example, transaction service providersystem 102 may communicate the first installment payment data to atleast one merchant lender system of the plurality of lender systems 104b. Additionally or alternatively, if bid data is not received from theat least one merchant lender system (e.g., the same as or part ofmerchant system 108), transaction service provider system 102 maycommunicate the first installment payment data to at least one issuerlender system (e.g., the same as or part of issuer system 104 a) of theplurality of lender systems 104 b. Additionally or alternatively, if biddata is not received from the at least one issuer lender system,transaction service provider system 102 may communicate the firstinstallment payment data to at least one third party lender system ofthe plurality of lender systems 104 b.

As shown in FIG. 3, at step 330, process 300 may include determining alender. For example, transaction service provider system 102 maydetermine a first lender system 104 b associated with the firstinstallment payment option based on the first installment payment datafrom the authorization request. In some non-limiting embodiments, thefirst installment payment data may include lender identification dataassociated with an identification of the first lender.

In some non-limiting embodiments, transaction service provider system102 may determine the first lender system 104 b based on the indicationof the first installment payment option received from customer device106, as described herein.

In some non-limiting embodiments, the at least one field of the (first)authorization request may include an account identifier field comprisinga payment token. Additionally or alternatively, the payment token mayinclude a BIN associated with the first lender system 104 b associatedwith the first installment payment option. Additionally oralternatively, transaction service provider system 102 may determine thefirst lender system 104 b associated with the first installment paymentoption based on the BIN of the payment token.

In some non-limiting embodiments, transaction service provider system102 may determine the first lender system 104 b based on selecting thefirst lender system 104 b from the at least one lender system of theplurality of lender systems based on the bid data. For example,transaction service provider system 102 may select a bid associated withthe first lender system 104 b based on that bid having the mostfavorable terms (e.g., rate, time period for repayment, and/or the like)for the customer associated with customer device 106.

As shown in FIG. 3, at step 340, process 300 may include communicatingan authorization request to the lender. For example, transaction serviceprovider system 102 may communicate to the first lender system 104 b anauthorization request (e.g., a second authorization request), which mayinclude the first installment payment data. In some non-limitingembodiments, the second authorization request may be the same as thefirst authorization request.

As shown in FIG. 3, at step 350, process 300 may include receiving anauthorization response from the lender. For example, transaction serviceprovider system 102 may receive an authorization response (e.g., a firstauthorization response) from first lender system 104 b. In somenon-limiting embodiments, the (first) authorization response mayindicate approval (or rejection) of the first installment payment optionfor the payment transaction.

As shown in FIG. 3, at step 360, process 300 may include communicatingan authorization response to the merchant. For example, transactionservice provider system 102 may communicate to merchant system 108(e.g., via acquirer system 110) an authorization response (e.g., secondauthorization response). In some non-limiting embodiments, the (second)authorization response may indicate approval (or rejection) of the firstinstallment payment option for the payment transaction. Additionally oralternatively, the second authorization response may be the same as thefirst authorization response.

In some non-limiting embodiments the payment transaction may be settledbetween the first lender system 104 b and acquirer system 110 associatedwith merchant system 108. For example, transaction service providersystem 102 may settle the transaction between the first lender system104 b and acquirer system 110. Additionally or alternatively,transaction service provider 102 may settle the payment transaction withmerchant system 108. In some non-limiting embodiments, periodic paymentsmay be settled between issuer system 104 a associated with a customeraccount of the customer and the first lender system 104 b. For example,transaction service provider transaction service provider 102 may settlethe payment transaction between issuer system 104 a and the first lendersystem 104 b. Additionally or alternatively, transaction serviceprovider 102 may settle the periodic payments with customer device 106.

In some non-limiting embodiments, transaction service provider system102 may transfer a transaction amount of the payment transaction fromthe first lender system 104 b to issuer system 104 a associated with acustomer account of the customer. Additionally or alternatively,transaction service provider 102 may communicate an authorizationrequest (e.g., third authorization request) for the payment transactionto issuer system 104 a. Additionally or alternatively, beforecommunicating the (second) authorization response to the merchant system108, transaction service provider system 102 may receive from issuersystem 104 a an authorization response (e.g., third authorizationresponse) indicating approval of the payment transaction. In somenon-limiting embodiments, transaction service provider system 102 maysettle periodic payments between issuer system 104 a and the firstlender system 104 b.

In some non-limiting embodiments, the first lender system 104 b is thesame as or a part of issuer system 104 a associated with a customeraccount of the customer. Additionally or alternatively, issuer system104 a may post periodic payments to the customer account of the customerbased on the first installment payment option. Additionally oralternatively, transaction service provider system 102 may settle thetransaction between issuer system 104 a and acquirer system 110associated with merchant system 108.

Referring to FIG. 4, FIG. 4 is a diagram of an exemplary implementation400 of a non-limiting embodiment relating to process 300 shown in FIG.3. As shown in FIG. 4, implementation 400 may include transactionservice provider system 402, token service provider 402 a, lenderplatform 402 b, issuer system 404 a, lender system(s) 404 b, customerdevice 406, merchant system 408, and acquirer system 410. In somenon-limiting embodiments, transaction service provider system 402 may bethe same as, similar to, or part of transaction service provider system102 (e.g., one or more devices of transaction service provider system102). In some non-limiting embodiments, token service provider 402 a maybe implemented (e.g., completely, partially, and/or the like) bytransaction service provider system 402. In some non-limitingembodiments, lender platform 402 b may be the same as or similar to thelender platform discussed above regarding FIG. 3. Additionally oralternatively, lender platform 402 b may be implemented (e.g.,completely, partially, and/or the like) by transaction service providersystem 402. In some non-limiting embodiments, issuer system 404 a may bethe same as, similar to, or part of issuer system 104 a (e.g., one ormore devices of issuer system 104 a). In some non-limiting embodiments,lender system(s) 404 b may be the same as, similar to, or part of lendersystem 104 b (e.g., one or more devices of lender system 104 b). In somenon-limiting embodiments, customer device 406 may be the same as,similar to, or part of customer device 106. In some non-limitingembodiments, merchant system 408 may be the same as, similar to, or partof merchant system 108 (e.g., one or more devices of merchant system108). In some non-limiting embodiments, acquirer system 410 may be thesame as, similar to, or part of acquirer system 110 (e.g., one or moredevices of acquirer system 110).

In some non-limiting embodiments, customer device 406 may include amobile payment application (e.g., provided by a transaction serviceprovider associated with transaction service provider system 402,provided by an issuer associated with issuer system 404 a, provided by athird party such as a mobile phone developer and/or app developer,and/or the like). For example, the mobile payment application mayinclude and/or be associated with a digital wallet (e.g., host cardemulation (HCE) wallet application, a secure element-based walletapplication, a Universal Integrated Circuit Card (UICC)-based walletapplication, and/or the like).

In some non-limiting embodiments, customer device 406 may communicatewith token service provider 402 a (e.g., of transaction service providersystem 402 and/or the like) to obtain a payment token, as describedherein. For example, customer device 406 may communicate accountidentifier data associated with an account identifier (e.g., PAN and/orthe like) of the customer to token service provider 402 a (e.g., oftransaction service provider system 402). For example, the accountidentifier data may be communicated from customer device 406 via themobile payment application on customer device 406. In some non-limitingembodiments, token service provider 402 a (e.g., of transaction serviceprovider system 402) may generate a payment token associated with theaccount identifier, as described herein. Additionally or alternatively,token service provider 402 a (e.g., of transaction service providersystem 402) may communicate the payment token customer device 406 (e.g.,to the mobile payment application of customer device 406).

In some non-limiting embodiments, customer device 406 may receive (e.g.,from transaction service provider system 402, lender platform 402 b,lender system(s) 404 b, and/or the like), installment payment dataassociated with a plurality of installment payment options, as describedherein. In some non-limiting embodiments, customer device 406 mayreceive a selection from the customer of a first installment paymentoption of the plurality of installment payment options. Additionally oralternatively, customer device 406 receive from the customer and/or haveaccess to (e.g., store and/or the like) customer data associated withpersonal information of the customer (e.g., account identifier data,token, identifying information such as name and/or address, and/or thelike), potential purchase data associated with a potential purchase ofthe customer (e.g., price information and/or the like), and/or the like.In some non-limiting embodiments, customer device 406 may communicate a(first) message to transaction service provider system 402 (e.g., lenderplatform 402 b thereof), as described herein. For exampe, the (first)message may include an indication of the first installment paymentoption of the plurality of installment payment options. Additionally oralternatively, the (first) message may include at least some of thecustomer data, at least some of the potential purchase data, and/or thelike.

In some non-limiting embodiments, transaction service provider system402 (e.g., lender platform 402 b thereof) may determine a first lendersystem 404 b associated with the first installment payment option basedon the indication of the first installment payment option, as describedherein. Additionally or alternatively, transaction service providersystem 402 (e.g., lender platform 402 b thereof) may communicate to thefirst lender system 404 b a (second) message, which may include theindication of the first installment payment option, at least some of thecustomer data, at least some of the potential purchase data, and/or thelike, as described herein. In some non-limiting embodiments, the secondmessage may include additional customer data, which transaction serviceprovider system 402 may look up based on the customer data from thefirst message, as described herein. For example, such additionalcustomer data may include credit score, purchase category, mobilegeolocation, and/or the like.

In some non-limiting embodiments, the first lender system 404 b maydetermine whether to approve the first installment payment option forthe customer based on the second message, as described herein. Forexample, the first lender system 404 b may use the first installmentpayment option, at least some of the customer data, at least some of thepotential purchase data, at least one some the additional customer data,any combination thereof, and/or the like to assess the risk of the firstinstallment payment option for the customer and automatically approve ordeny the first installment payment option for the customer based on theassessment of risk (e.g., comparing a risk score to a threshold and/orthe like). In some non-limiting embodiments, the first lender system 404b may communicate a (third) message indicating approval or pre-approval(or rejection) of the first installment payment option for the paymenttransaction by the first lender associated with the first lender system404 b to transaction service provider system 402 (e.g., lender platform402 b thereof).

In some non-limiting embodiments, transaction service provider system402 may communicate to customer device 406, (e.g., a mobile paymentapplication of customer device 406), a (fourth) message indicatingapproval or pre-approval (or rejection) of the first installment paymentoption for the payment transaction, as described herein. Additionally oralternatively, customer device 406 (e.g., a mobile payment applicationthereof) may connect to transaction service provider system 402 (e.g.,lender platform 402 b thereof) to retrieve (e.g., request, receive,access, and/or the like) a record associated with the first installmentpayment option for the customer stored on transaction service providersystem 402 (e.g., lender platform 402 b thereof). Additionally oralternatively, customer device 406 (e.g., a mobile payment applicationthereof) may store the data from the (fourth) message and/or the recordassociated with the first installment payment option for the paymenttransaction.

In some non-limiting embodiments, customer device 406 may communicate anaccount identifier (e.g., payment token) to merchant system 408, asdescribed herein. For example, customer device 406 (e.g., a mobilepayment application thereof) may communicate with the merchant system408 via NFC, contactless payment, payWave, barcode, quick response (OR)code, EMV, and/or the like. Additionally or alternatively, customerdevice 406 (e.g., a mobile payment application thereof) may communicatefirst installment payment data (e.g., creditor identifier, loan term(s),approval date, creditor extension data length, a creditor extension datafield, and/or the like) to merchant system 408, as described herein.

In some non-limiting embodiments, merchant system 408 may communicate afirst authorization request to acquirer system 410, as described herein.For example, the first authorization request may include the accountidentifier (e.g., payment token), first installment payment data, and/orthe like, as described herein. In some non-limiting embodiments,acquirer system 410 may communicate the first authorization request totransaction service provider system 402, as described herein.

In some non-limiting embodiments, upon receipt of the firstauthorization request, transaction service provider system 402 mayvalidate the account identifier (e.g., payment token), as describedherein. Additionally or alternatively, transaction service providersystem 402 may extract and/or validate the first installment paymentdata from the first authorization request, as described herein. In somenon-limiting embodiments, transaction service provider 402 maydetokenize (e.g., decrypt, revers lookup, and/or the like) the paymenttoken to determine the customer's account (e.g., PAN and/or the like).

In some non-limiting embodiments, transaction service provider system402 (e.g., lender platform 402 b thereof) may communicate to the firstlender system 404 b an authorization request (e.g., a secondauthorization request), which may include the first installment paymentdata, as described herein. In some non-limiting embodiments, the secondauthorization request may also include account identifier data (e.g.,PAN and/or the like) of the customer.

In some non-limiting embodiments, the first lender system 404 b maycommunicate an authorization response (e.g., a first authorizationresponse) to transaction service provider system 402 (e.g., lenderplatform 402 b thereof), as described herein. For example, the (first)authorization response may indicate approval (or rejection) of the firstinstallment payment option for the payment transaction. In somenon-limiting embodiments, transaction service provider system 402 maycommunicate an authorization response (e.g., second authorizationresponse) to acquirer system 410, as described herein. Additionally oralternatively, acquirer system 410 may communicate the secondauthorization response to merchant system 408, as described herein. Insome non-limiting embodiments, a merchant associated with merchantsystem 408 may complete the transaction with the consumer (e.g., providethe goods and/or services associated with the transaction to theconsumer) based on the second authorization response. In somenon-limiting embodiments, transaction service provider system 402 maysettle the transaction between the first lender system 104 b andacquirer system 110, as described herein. Additionally or alternatively,the merchant associated with merchant system 408 may receive paymentfrom acquirer system 110. In some non-limiting embodiments, transactionservice provider system 402 may settle periodic payments between issuersystem 404 a associated with a customer account of the customer and thefirst lender system 404 b, as described herein.

In some non-limiting embodiments, a transaction amount of the paymenttransaction may be transferred from the first lender system 404 b toissuer system 404 a associated with a customer account of the customer(e.g., via transaction service provider system 402), as describedherein. In some non-limiting embodiments, the first lender system 404 bmay communicate an authorization response (e.g., a first authorizationresponse) to transaction service provider system 402 (e.g., lenderplatform 402 b thereof), as described herein. In some non-limitingembodiments, transaction service provider 402 may communicate anauthorization request (e.g., third authorization request) for thepayment transaction to issuer system 404 a, as described herein.Additionally or alternatively, issuer system 404 a may communicate anauthorization response (e.g., third authorization response) indicatingapproval of the payment transaction to transaction service providersystem 402, as described herein. Additionally or alternatively,transaction service provider system 402 may communicate an authorizationresponse (e.g., second authorization response) to acquirer system 410,which may communicate the second authorization response to merchantsystem 408, as described herein. Additionally or alternatively, amerchant associated with merchant system 408 may complete thetransaction with the consumer (e.g., provide the goods and/or servicesassociated with the transaction to the consumer) based on the secondauthorization response, as described herein. In some non-limitingembodiments, transaction service provider system 402 may settle thetransaction between issuer system 404 a and acquirer system 410, whichmay provide payment to the merchant associated with merchant system 408,as described herein. In some non-limiting embodiments, transactionservice provider system 402 may settle periodic payments between issuersystem 404 a and the first lender system 404 b. Additionally oralternatively, the consumer may set up a separate installment paymentaccount with the first lender associated with the first lender system404 b.

Referring to FIG. 5, FIG. 5 is a diagram of an exemplary implementation500 of a non-limiting embodiment relating to process 300 shown in FIG.3. As shown in FIG. 5, implementation 500 may include transactionservice provider system 502, issuer system 504 a, lender system(s) 504b, customer device 506, merchant system 508, and acquirer system 510. Insome non-limiting embodiments, transaction service provider system 502may be the same as, similar to, or part of transaction service providersystem 102, transaction service provider system 402, token serviceprovider 402 a, lender platform 402 b, and/or the like. In somenon-limiting embodiments, issuer system 504 a may be the same as,similar to, or part of issuer system 104 a, issuer system 404 a, and/orthe like. In some non-limiting embodiments, lender system(s) 504 b maybe the same as, similar to, or part of lender system 104 b, lendersystem(s) 404 b, and/or the like. In some non-limiting embodiments,customer device 506 may be the same as, similar to, or part of customerdevice 106, customer device 406, and/or the like. In some non-limitingembodiments, merchant system 508 may be the same as, similar to, or partof merchant system 108, merchant system 408, and/or the like. In somenon-limiting embodiments, acquirer system 510 may be the same as,similar to, or part of acquirer system 110, acquirer system 410, and/orthe like.

In some non-limiting embodiments, lender system 504 b may be the same asor part of issuer system 504 a associated with a customer account of thecustomer, as described herein. In some non-limiting embodiments, atleast one of issuer system 504 a (which may be the same as and/orinclude lender system 504 b) or transaction service provider system 502(e.g., a lender platform thereof) may communicate installment paymentdata associated with a plurality of installment payment options tocustomer device 506 (e.g., a mobile payment application thereof), asdescribed herein. Additionally or alternatively, customer device 506 mayreceive (e.g., via a mobile payment application) a selection from thecustomer of the first installment payment option of the plurality ofinstallment payment options, as described herein. In some non-limitingembodiments, the customer device 506 (e.g., a mobile payment applicationthereof) may include a payment token associated with the firstinstallment payment option, as described herein. Additionally oralternatively, customer device 506 may communicate (e.g., via a mobilepayment application thereof) the payment token to merchant system 508for a transaction, as described herein. In some non-limitingembodiments, merchant system 108 may communicate a first authorizationrequest (e.g., including transaction information, the payment token,first installment payment data, and/or the like) to acquirer system 510,a described herein. Additionally or alternatively, acquirer system 510may communicate the first authorization request to transaction serviceprovider system 502, as described herein. In some non-limitingembodiments, transaction service provider system 504 may identify issuersystem 504 a based on the first authorization request, as describedherein. Additionally or alternatively, transaction service providersystem 502 may communicate a second authorization request (e.g., basedon the first authorization request) to issuer system 504 a (which may bethe same as and/or include lender system 504 b), as described herein. Insome non-limiting embodiments, issuer system 504 a (which may be thesame as and/or include lender system 504 b) may communicate a firstauthorization response to transaction service provider system 502, asdescribed herein. Additionally or alternatively, issuer system 504 a mayplace a hold on a consumer account (e.g., credit line and/or the like)based on a transaction amount of the (second) authorization requestand/or the like. In some non-limiting embodiments, transaction serviceprovider system 502 may communicate a second authorization response(e.g., based on the first authorization response) to acquirer system510, as described herein. In some non-limiting embodiments, acquirersystem 510 may communicate the second authorization response to merchantsystem 508, as described herein. Additionally or alternatively, acquirersystem 510 may provide payment (e.g., for the full transaction amount,for the transaction amount minus predetermined fees, and/or the like) toa merchant associated with merchant system 508, as described herein. Insome non-limiting embodiments, the transaction may be settled betweenissuer system 504 a (which may be the same as and/or include lendersystem 504 b) and acquirer system 510 (e.g., by transaction serviceprovider system 502), as described herein. In some non-limitingembodiments, issuer system 504 a (which may be the same as and/orinclude lender system 504 b) may post periodic payments to the customeraccount of the customer based on the first installment payment option,as described herein. Additionally or alternatively, the hold on thecustomer's account may be reduced based on the periodic payments, asdescribed herein.

In some non-limiting embodiments, lender system(s) 504 b may be separatefrom issuer system 504 a associated with a customer account of thecustomer, as described herein. In some non-limiting embodiments, atleast one of lender system(s) 504 b or transaction service providersystem 502 (e.g., a lender platform thereof) may communicate installmentpayment data associated with a plurality of installment payment optionsto customer device 506 (e.g., a mobile payment application thereof), asdescribed herein. Additionally or alternatively, customer device 506 mayreceive (e.g., via a mobile payment application) a selection from thecustomer of the first installment payment option of the plurality ofinstallment payment options, as described herein. In some non-limitingembodiments, the customer device 506 (e.g., a mobile payment applicationthereof) may include a payment token associated with the firstinstallment payment option, as described herein. Additionally oralternatively, customer device 506 may communicate (e.g., via a mobilepayment application thereof) the payment token to merchant system 508for a transactions, as described herein. In some non-limitingembodiments, merchant system 108 may communicate a first authorizationrequest (e.g., including transaction information, the payment token,first installment payment data, and/or the like) to acquirer system 510,a described herein. Additionally or alternatively, acquirer system 510may communicate the first authorization request to transaction serviceprovider system 502, as described herein. In some non-limitingembodiments, transaction service provider system 502 may communicate thefirst installment payment data associated with the first installmentpayment option to a plurality of lender systems 504 b. Additionally oralternatively, at least some of the first plurality of lender systems504 b may communicate bid data to transaction service provider system502, as described herein. In some non-limiting embodiments, each lendersystem 504 b may approve/pre-approve the first installment paymentoption and/or place a hold on a credit line for the consumer, asdescribed herein. In some non-limiting embodiments, each lender system504 b may communicate an authorization response (e.g., firstauthorization response) for the first installment payment option totransaction service provider system 502, as described herein. In somenon-limiting embodiments, transaction service provider system 502 mayselect a first lender system 504 b from the plurality of lender systems504 b based on the bid data, as described herein. In some non-limitingembodiments, transaction service provider system 502 may communicate asecond authorization request (e.g., based on the first authorizationrequest, the bid data, and/or the selection of the first lender system504 b) to issuer system 504 a, as described herein. In some non-limitingembodiments, transaction service provider system 502 may communicate anauthorization response (e.g., second authorization response, which maybe based on the first authorization response, the bid data, theselection of the first lender system 504 b, and/or the like) to acquirersystem 510, as described herein. In some non-limiting embodiments, afirst periodic payment may be settled between issuer system 504 a (whichmay be the same as and/or include lender system 504 b) and acquirersystem 510 (e.g., by transaction service provider system 502), asdescribed herein. In some non-limiting embodiments, acquirer system 510may communicate the second authorization response to merchant system508, as described herein. Additionally or alternatively, acquirer system510 may provide payment (e.g., for the full transaction amount, for thetransaction amount minus predetermined fees, and/or the like) to amerchant associated with merchant system 508, as described herein. Insome non-limiting embodiments, issuer system 504 a may post periodicpayments to the customer account of the customer based on the firstinstallment payment option, as described herein. Additionally oralternatively, issuer system 504 a may receive the payment amounts forthe periodic payment from the customer, as described herein. In somenon-limiting embodiments, issuer system 504 a may communicate repaymentdata associated with receiving the periodic payment amounts from thecustomer (e.g., to transaction service provider system 502, acquirersystem 510, and/or the like). Additionally or alternatively, transactionservice provider system 502 may communicate (e.g., route) the repaymentdata to acquirer system 510. In some non-limiting embodiments, eachperiodic payment may be settled between acquirer system 510 and issuersystem 504 a (e.g., by transaction service provider system 502), asdescribed herein. For example, a transaction identifier associated withthe first installment payment option (e.g., the transaction identifiermay be included in the first installment payment data, at least one ofthe authorization requests, and/or the like) may be used for repaymentand/or settlement of the periodic payments.

Referring to FIG. 6, FIG. 6 is a diagram of an exemplary implementation600 of a non-limiting embodiment relating to process 300 shown in FIG.3. As shown in FIG. 6, implementation 600 may include transactionservice provider system 602, token service provider 602 a, lenderplatform 602 b, issuer system 604 a, lender system(s) 604 b, customerdevice 606, merchant system 608, and acquirer system 610. In somenon-limiting embodiments, transaction service provider system 602 may bethe same as, similar to, or part of transaction service provider system102, transaction service provider system 402, transaction serviceprovider system 502, and/or the like. In some non-limiting embodiments,token service provider 602 a may be the same as or similar to tokenservice provider 402 a. Additionally or alternatively, token serviceprovider 602 a may be implemented (e.g., completely, partially, and/orthe like) by transaction service provider system 602. In somenon-limiting embodiments, lender platform 602 b may be the same as orsimilar to lender platform 402 b. Additionally or alternatively, lenderplatform 602 b may be the same as or similar to the lender platformdiscussed above regarding FIG. 3. Additionally or alternatively, lenderplatform 602 b may be implemented (e.g., completely, partially, and/orthe like) by transaction service provider system 602. Additionally oralternatively, lender platform 602 b may be a system (e.g., one or moredevices) that is part of or associated with one or more lender system(s)604 b (e.g., a plurality of lender systems 604 b), a system (e.g., oneor more devices) of a third party that is capable of receivinginformation from and/or communicating information to one or more lendersystem(s) 604 b, and/or the like. Additionally or alternatively, lenderplatform 602 b may be capable of receiving information from and/orcommunicating information to transaction service provider system 602,issuer system 604 a, lender system(s) 604 b, customer device 606,merchant system 608, and/or acquirer system 610. In some non-limitingembodiments, issuer system 604 a may be the same as, similar to, or partof issuer system 104 a, issuer system 404 a, issuer system 504 a, and/orthe like. In some non-limiting embodiments, lender system(s) 604 b maybe the same as, similar to, or part of lender system 104 b, lendersystem(s) 404 b, lender system(s) 504 b, and/or the like. In somenon-limiting embodiments, customer device 606 may be the same as,similar to, or part of customer device 106, customer device 406,customer device 506, and/or the like. In some non-limiting embodiments,merchant system 608 may be the same as, similar to, or part of merchantsystem 108, merchant system 408, merchant system 508, and/or the like.In some non-limiting embodiments, acquirer system 610 may be the sameas, similar to, or part of acquirer system 110, acquirer system 410,acquirer system 510, and/or the like.

In some non-limiting embodiments, at least one of lender platform 602 b,lender system(s) 604 b, or transaction service provider system 602 maycommunicate installment payment data associated with a plurality ofinstallment payment options to customer device 606 (e.g., a mobilepayment application thereof), as described herein. For example, lenderplatform 602 b may communicate installment payment options to customerdevice 606 (e.g., a mobile payment application thereof), as describedherein. In some non-limiting embodiments, customer device 606 mayreceive (e.g., via a mobile payment application) a selection from thecustomer of the first installment payment option of the plurality ofinstallment payment options associated with a first lender system 604 b,as described herein. Additionally or alternatively, customer device 606may receive a selection from the customer of at least one accountidentifier (e.g., a preferred account identifier for repayment of theperiodic payments). In some non-limiting embodiments, customer device606 may communicate (e.g., via a mobile payment application thereof) theselection of the first installment payment option (e.g., to lenderplatform 602 b, the first lender system 604 b, and/or the like).Additionally or alternatively, lender platform 602 b may communicate theselection of the first installment payment option to the first lendersystem 604 b and/or the like. Additionally or alternatively, the firstlender system 604 b may communicate approval (e.g., authorization,pre-authorization, and/or the like) of the first installment paymentoption (e.g., to lender platform 602 b, customer device 606, and/or thelike). Additionally or alternatively, lender platform 602 b maycommunicate approval of the first installment payment option to customerdevice 606. In some non-limiting embodiments, the first lender system604 b may issue a funding account (e.g., credit line and/or the like)with a total amount of credit available for the first installmentpayment option. In some non-limiting embodiments, at least one of thefirst lender system 604 b and/or token service provider 602 a (e.g., oftransaction service provider 602 and/or the like) may generate a paymenttoken for the first installment payment option, as described herein.Additionally or alternatively, the payment token may be communicated tocustomer device 606 (e.g., a mobile payment application thereof), asdescribed herein. For example, the payment token may be based on apayment token BIN series of a time period associated with the selectedfirst installment payment option. Additionally or alternatively, thepayment token may be viewable by the consumer on customer device 606(e.g., displayed thereon using the mobile payment application thereof).For example, different BIN series may allow lender system 604 b to offerdifferent installment payment options (e.g., as many as desired). Insome non-limiting embodiments, customer device 506 may communicate(e.g., via a mobile payment application thereof) the payment token tomerchant system 508 for a transactions, as described herein. In somenon-limiting embodiments, merchant system 108 may communicate a firstauthorization request (e.g., including transaction information, thepayment token, first installment payment data, and/or the like) toacquirer system 510, a described herein. Additionally or alternatively,acquirer system 510 may communicate the first authorization request totransaction service provider system 502, as described herein. In somenon-limiting embodiments, transaction service provider system 502 mayidentify the first lender system 604 b (e.g., based on the paymenttoken, the BIN thereof, and/or the like), as described herein.Additionally or alternatively, transaction service provider system 502may communicate (e.g., to first lender system 604 b) a secondauthorization message, e.g., including at least a portion of the datafrom the first authorization message and an indicator associated withinstallment payments (e.g., an indicator associated with the firstinstallment payment option and/or the like). In some non-limitingembodiments, the first lender system 604 b may identify the issuedfunding account based on at least one of the payment token (e.g.,including the BIN thereof and/or the like), the indicator, and/or thelike. Additionally or alternatively, the first lender system 604 b mayvalidate the second authorization request and/or the first installmentpayment data. For example, the first lender system 604 b may determinewhether the first installment payment data matches the funding account,determine whether the funding account is sufficiently funded for thefirst installment payment option, and/or the like. In some non-limitingembodiments, the first lender system 604 b may communicate anauthorization response (e.g., first authorization response) for thefirst installment payment option to transaction service provider system602, as described herein. In some non-limiting embodiments, transactionservice provider system 602 may communicate a second authorizationresponse (e.g., based on the first authorization response) to acquirersystem 610, as described herein. In some non-limiting embodiments,acquirer system 610 may communicate the second authorization response tomerchant system 608, as described herein. Additionally or alternatively,a merchant associated with merchant system 608 may complete thetransaction with the consumer (e.g., provide the goods and/or servicesassociated with the transaction to the consumer) based on the secondauthorization response, as described herein. In some non-limitingembodiments, the first lender system 604 b may deduct (e.g., debitand/or the like) periodic payments from the funding account and/or fromthe consumer account associated with the selected account identifier.Additionally or alternatively, the first lender system 604 b may postthe periodic payments (e.g., without interest). In some non-limitingembodiments, transaction service provider system 602 may settle thetransaction amount (e.g., the full transaction amount, the transactionamount minus predetermined fees, and/or the like) between acquirersystem 610 and the first lender system 604 b. Additionally oralternatively, transaction service provider system 602 may store thetransaction in a settlement service. In some non-limiting embodiments,the first lender system 604 b may communicate at least one notificationto the consumer (e.g., customer device 606 and/or the like) at apredetermined period before each periodic payment (e.g., a selectednumber of days and/or the like).

Although the disclosed subject matter has been described in detail forthe purpose of illustration based on what is currently considered to bethe most practical and preferred embodiments, it is to be understoodthat such detail is solely for that purpose and that the disclosedsubject matter is not limited to the disclosed embodiments, but, on thecontrary, is intended to cover modifications and equivalent arrangementsthat are within the spirit and scope of the appended claims. Forexample, it is to be understood that the presently disclosed subjectmatter contemplates that, to the extent possible, one or more featuresof any embodiment can be combined with one or more features of any otherembodiment.

What is claimed is:
 1. A method for providing installment paymentoptions for a payment transaction, comprising: communicating, with atleast one processor to a customer device, installment payment dataassociated with a plurality of installment payment options; receiving,with at least one processor from a merchant system, a firstauthorization request for a payment transaction with a customer of thecustomer device, the first authorization request comprising at least onefield comprising first installment payment data associated with a firstinstallment payment option of the plurality of installment paymentoptions; determining, with at least one processor, a first lender systemassociated with the first installment payment option based on the firstinstallment payment data; communicating, with at least one processor tothe first lender system, a second authorization request comprising thefirst installment payment data; receiving, with at least one processorfrom the first lender system, a first authorization response indicatingapproval of the first installment payment option for the paymenttransaction; and communicating, with at least one processor to themerchant system, a second authorization response indicating approval ofthe payment transaction.
 2. The method of claim 1, further comprising,before communicating the installment payment data: receiving, with atleast one processor from a mobile payment application on the customerdevice, account identifier data associated with an account identifier ofthe customer; generating, with at least one processor, a payment tokenassociated with the account identifier; and communicating, with at leastone processor, the payment token to the mobile payment application ofthe customer device.
 3. The method of claim 2, wherein receiving thefirst authorization request is in response to the customer devicecommunicating the payment token to the merchant system.
 4. The method ofclaim 1, further comprising, after communicating the installment paymentdata: receiving, with at least one processor from the customer device, afirst message comprising an indication of the first installment paymentoption of the plurality of installment payment options, customer dataassociated with personal information of the customer, and potentialpurchase data associated with a potential purchase of the customer;determining, with at least one processor, the first lender systemassociated with the first installment payment option based on theindication of the first installment payment option; communicating, withat least one processor to the first lender system, a second messagecomprising the indication of the first installment payment option, thecustomer data, and the potential purchase data; receiving, with at leastone processor from the first lender system, a third message indicatingapproval of the first installment payment option for the paymenttransaction; and communicating, with at least one processor to thecustomer device, a fourth message indicating approval of the firstinstallment payment option for the payment transaction, the fourthmessage comprising the first installment payment data associated withthe first installment payment option, wherein the customer device storesthe first installment payment data.
 5. The method of claim 4, whereinreceiving the first authorization request is in response to the customerdevice communicating to the merchant system the first installmentpayment data and at least one of account identifier data associated withan account identifier of the customer or a payment token associated withthe account identifier of the customer.
 6. The method of claim 5,wherein the first authorization request further comprises the at leastone of the account identifier data or the payment token, the methodfurther comprising: validating, with at least one processor, the atleast one of the account identifier data or the payment token from thefirst authorization request; extracting, with at least one processor,the first installment payment data from the at least one field of thefirst authorization request; and validating, with at least oneprocessor, the first installment payment data based on a comparison ofthe first installment payment data of the authorization request and thefirst installment payment data of the fourth message.
 7. The method ofclaim 6, wherein the first authorization request comprises the paymenttoken, the method further comprising converting, with at least oneprocessor, the payment token into the account identifier data.
 8. Themethod of claim 6, further comprising: settling, with at least oneprocessor, the payment transaction between the first lender system andan acquirer system associated with the merchant system; and settling,with at least one processor, periodic payments between an issuer systemassociated with a customer account of the customer and the first lendersystem.
 9. The method of claim 6, further comprising: transferring, withat least one processor, a transaction amount of the payment transactionfrom the first lender system to an issuer system associated with acustomer account of the customer; communicating, with at least oneprocessor to the issuer system, a third authorization request for thepayment transaction; and before communicating the second authorizationresponse, receiving, with at least one processor from the issuer system,a third authorization response indicating approval of the paymenttransaction.
 10. The method of claim 9, further comprising: settling,with at least one processor, periodic payments between the issuer systemand the first lender system.
 11. The method of claim 1, wherein thecustomer device comprises a mobile payment application, and wherein themobile payment application comprises a payment token associated with thefirst installment payment option.
 12. The method of claim 11, whereinthe at least one field comprises an account identifier field comprisinga payment token, the payment token comprising a bank identificationnumber (BIN) associated with the first lender system associated with thefirst installment payment option; and wherein determining the firstlender system associated with the first installment payment optioncomprises determining the first lender system associated with the firstinstallment payment option based on the BIN of the payment token. 13.The method of claim 11, wherein receiving the first authorizationrequest is in response to the customer device communicating the paymenttoken to the merchant system.
 14. The method of claim 1, furthercomprising: settling, with at least one processor, the paymenttransaction between the first lender system and an acquirer systemassociated with the merchant system.
 15. The method of claim 14, whereinthe first lender system comprises an issuer system associated with acustomer account of the customer; and wherein issuer system postsperiodic payments to the customer account of the customer based on thefirst installment payment option.
 16. The method of claim 1, wherein thecustomer device comprises a mobile payment application, and wherein thecustomer device receives, via the mobile payment application, aselection of the first installment payment option of the plurality ofinstallment payment options, the method further comprising: receiving,with at least one processor from the customer device, an indication ofthe selection of the first installment payment option of the pluralityof installment payment options; receiving, with the at least oneprocessor from the customer device, account identifier data associatedwith an account identifier of the customer; approving, with the at leastone processor, the first installment payment option; and communicating,with the at least one processor to the mobile payment application of thecustomer device, a payment token.
 17. The method of claim 1, furthercomprising, after receiving the first authorization request and beforedetermining the first lender system: communicating, with the at leastone processor, the first installment payment data associated with thefirst installment payment option to a plurality of lender systems; andreceiving, with the at least one processor, bid data associated with abid for the first installment payment option from at least one lendersystem of the plurality of lender systems.
 18. The method of claim 17,wherein determining the first lender system comprises selecting thefirst lender system from the at least one lender system of the pluralityof lender systems based on the bid data.
 19. The method of claim 17,wherein communicating the first installment payment data comprises:communicating, with the at least one processor, the first installmentpayment data to at least one merchant lender system of the plurality oflender systems; if bid data is not received from the at least onemerchant lender system, communicating, with the at least one processor,the first installment payment data to at least one issuer lender systemof the plurality of lender systems; and if bid data is not received fromthe at least one issuer lender system, communicating, with the at leastone processor, the first installment payment data to at least one thirdparty lender system of the plurality of lender systems.
 20. The methodof claim 17, wherein, in response to communicating the first installmentpayment data, the at least one lender system approves the firstinstallment payment option for the customer.